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What is Real Estate (Regulation and Development) Act, 2016?
The Real Estate (Regulation and Development) Act, 2016 (“the Act”) is an umbrella legislation designed to provide a framework for both Central and State Government. The Act is a Government of India initiative to bring about the much needed transparency and order in real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumer interest and making real estate developers accountable for timely completion of projects. The Act paves the way for setting up of Real Estate Regulatory Authority (“Authority”) at every State for regulation and promotion of real estate sector while promoting transparency and equity in real estate transactions.
Is the Act covering ongoing / incomplete real estate projects as well?
There is no distinction between an ongoing/incomplete projects and both types of projects are covered under the ambit of the Act. Further, any new projects to be launched by the real estate developers are also covered under the ambit of the Act.
What are the actions to be taken by the Authority after an application has been submitted for project registration?
The Authority set up by every State, is required to either grant registration or reject the application within 30 days of its submission. If the application is not in conformation with the guidelines and Authority finds it worth rejecting, it is mandatory that the applicant/real estate developer be heard in the matter before rejection.
What is the validity period for a particular project registration?
The registration will be valid for a period specified by the real estate developer in the application form submitted to the Authority. Hence, the real estate developer is accountable to adhere to timelines otherwise he risks suffering losses/ penalties.
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The state real estate authority RERA received 10,852 applications from builders across the state to register their projects under the new Act till Monday midnight.
An analysis of data for Maharashtra RERA project registrations, presents a positive picture for the residential real estate micro-markets across Mumbai
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Wednesday decided to slap a penalty of Rs 50,000 each on the 480 ongoing housing projects