Here is a look at the real estate regulator and how it will impact the real estate market.
1. Project Developers cannot change
the information once entered very easily. So have to be very careful
in what they upload. And the owner/Director will be responsible for
all the information provided.
2. Society to formed once
51% of the flats booked even if the project is Under construction.
This we feel will have a greater impact on Developers as there will
be 2 Authorities checking on you ie. RERA and the CHS (Co-Operative
3. Plans and layouts can be changed only
with the permission from 2/3rd buyers.
4. To update the
project details in 3 months but it was suggested to do it asap.
If the project is JV on Revenue Sharing basis the land owner will be
considered as joint promoter and will be covered by RERA rules and he
will be also equally responsible. Thats even true where the land
owner is a CHS in case of Re Development.
6. If the
project is being done phase wise and if in the 1st phase Developers
are not providing common amenities like Club House etc.then they
cannot put ads and make brochures showing common amenities.
At the time of registration details of past 5 years projects done and
even what was the possession date promised and when was possession
given are being asked.
8. Details of FSI proposed and
9. Project cost estimation where in Developers
have to bifurcate the Land Cost and the Construction cost. We feel
this will make public how much is a Developer's profit.
Estimated figures given can be changed. But there is lot of
information which cannot be changed. So have to be careful while
11. Open Parking can't be sold.
12. The penalties are quite high.
projects have window of 3 months to register but was suggested to do
it asap to avoid last moment delays.
online so no need to go to RERA office except for complaints