{"id":10745,"date":"2023-05-10T06:15:54","date_gmt":"2023-05-10T00:45:54","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=10745"},"modified":"2025-03-29T22:25:08","modified_gmt":"2025-03-29T16:55:08","slug":"real-estate-regulation-and-development-act-rera","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/real-estate-regulation-and-development-act-rera\/","title":{"rendered":"Real Estate (Regulation and Development) Act (RERA)"},"content":{"rendered":"<h2><strong>About Real Estate (Regulation and Development) Act (RERA):<\/strong><\/h2>\n<ul>\n<li>It is an act passed by the Indian Parliament in <strong>2016<\/strong> for the <strong>regulation and promotion of the real estate sector in the country.<\/strong><\/li>\n<li>This Act <strong>establishes a Real Estate Regulatory Authority (RERA) in every state<\/strong> to regulate the real estate sector and serve as the adjudication body to enable quick resolutions.<\/li>\n<li>The act <strong>applies to all under-construction projects<\/strong> with a <strong>plot size above 500 sq. m<\/strong> or <strong>projects with 8 apartments or more<\/strong>;<\/li>\n<li><strong>Salient Provisions:<\/strong>\n<ul>\n<li><strong>Establishment of a fast-track mechanism for settlement of disputes<\/strong>. This will be done via an appellate tribunal and dedicated adjudicating officers.<\/li>\n<li><strong>All real estate projects must be registered with RERA<\/strong> so that the authority will have jurisdiction over the projects.\u00a0<\/li>\n<li><strong>In case a promoter wishes to transfer<\/strong> or assign a majority of your rights and liabilities in a real estate project to a third party, <strong>written consent from two-thirds of the allottees<\/strong> will be needed <strong>in addition to the written approval of RERA.<\/strong><\/li>\n<li><strong>If a person has any problems<\/strong> regarding violation of the provisions or rules of this Act by a promoter, buyer, or agent, <strong>they can file a complaint with RERA<\/strong>.<\/li>\n<li>While an enquiry is taking place, <strong>RERA can stop an agent, promoter<\/strong>, or buyer <strong>from continuing any activity <\/strong>against which a complaint has been raised.<\/li>\n<li><strong>If any of RERA\u2019s decisions<\/strong> regarding a complaint <strong>is not satisfactory<\/strong>, the aggrieved <strong>party can submit an appeal before the Appellate Tribunal.<\/strong><\/li>\n<li><strong>If the promoter fails to follow RERA\u2019s orders, they will have to pay a penalty<\/strong>. This amount could be up to 5% of the evaluated cost of the property.<\/li>\n<li><strong>If the Appellate Tribunal\u2019s orders are not complied with<\/strong>, <strong>a penalty<\/strong> will have to be paid. This can either be i<strong>mprisonment for up to 3 years or a fine<\/strong> (up to 10% of the approximate cost of the project), <strong>or both<\/strong>.<\/li>\n<li><strong>If a company commits an offence<\/strong> under this ACT, <strong>any person who was in charge<\/strong> of the <strong>business at the time of the offence<\/strong> being committed and the company <strong>will be held guilty and will be punished.<\/strong><\/li>\n<li><strong>No civil court will have any jurisdiction with respect to any matter<\/strong> that comes under RERA or the Appellate Tribunal\u2019s jurisdiction. As such, no court can grant an injunction with regard to any action taken by RERA or the Tribunal.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0What is the Real Estate Regulatory Authority (RERA)?<\/h3>\n<p>RERA stands for Real Estate Regulatory Authority came into existence as per the Real Estate (Regulation and Development) Act, 2016 which aims to protect the home purchasers and also boosts the real estate investments.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1922862\" target=\"_blank\" rel=\"nofollow noopener\"><u>\u201cMuch distance has been traversed in implementation of RERA, lot needs to be done\u201d ~Shri Hardeep S. Puri<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RERA is an act passed by the Indian Parliament in 2016 for the regulation and promotion of the real estate sector in the country.<\/p>\n","protected":false},"author":5,"featured_media":10746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-10745","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/10745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=10745"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/10745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/10746"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=10745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=10745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=10745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}