REAL ESTATE REGULATORY AUTHORITY

OVERVIEW

The Government of India have notified the Real Estate (Regulation and Development) Act, 2016. This Act provides for establishing Real Estate Regulatory Authority (RERA) and Appellate Tribunal for monitoring and adjudicating disputes relating to real estate projects and also to frame Rules under this Act. Registration of all Real Estate Agents is made mandatory with RERA.

THE PROCESS

No sale in a real estate project can be made without registration of the project with RERA. These Rules will apply to all ongoing projects and future projects where the area of land exceeds five hundred square meters or the number of apartments proposed to be developed exceed eight inclusive of all phases.

Mandatory Registration

It is mandatory for a promoter to upload the details of the proposed project on the website of RERA, including details of registration, types of apartments or plots booked, list of approvals taken etc. Both promoter and buyer are liable to pay equal rate of interest in case of any default from either side. The customer/buyer/allottee may download the required information /plans/documents from the website.

Interim Arrangement

As an interim arrangement, the Secretary to Government, Housing and Urban Development Department has been appointed as the Real Estate Authority Regulator till the full time Chairman and Members of the Authority are appointed. More Information on Registration Of RERA For Real Estate Agents FREE RERA Registration Camp

about us

Chennai Real Estate Agents Association – (CREAA) – A non profit entity was started in 1999, by competent professionals who were & are principally Real Estate Consulting Agents/Companies based out of Chennai. The membership is currently 120+ , most of whom have been catering to the needs of Corporates and Individuals in the areas of Commercial, Rental, Lease, Retail, Layouts Residential Flats and Real Estate consulting for over a decade across the state.

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