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Things to know about RERA – Key takeaways from Conference on Real Estate Sector

Conference on Real Estate Sector – Post RERA & Remonitisation

RERAThe objectives of the conference was to exchange ideas, norms and policies that are going to be significantly beneficial for the sector in future.

RERA Conference on “Real Estate Sector Post Remonetisation & RERA” on 21st February 2017 at 09:45 am, PHD House, New Delhi.

RERA will enforced from 1st may 2017. Following are few of the key takeaways:

1. We cannot change the information once entered very easily. So one has to be very careful in what gets uploaded. And the owner/Director will be responsible for all the information provided.
2. Society to be formed once 51% of the flats are booked even if the project is Under construction. This will have a greater impact on Developers as there will be 2 Authorities checking on them ie. RERA and the CHS.
3. Plans and layouts  can be changed only with the permission from 2/3rd buyers.
4. Project details can be updated in the first 3 months of the enrollment. But it was suggested to do it asap.
5.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 we are not providing common amenities like Club House etc.then we cannot put ads and make brochures showing common amenities.

7. At the time of registration they are asking details of past 5 years projects done and even what was the possession date promised and when was possession given.
8. Details of FSI needs to be proposed and approved beforehand.
9. Project cost estimation where in we have to bifurcate the Land Cost and the Construction cost. I feel this will make public how much is  a Developers profit.
10. Estimated figures given can be changed. But there is lot of information which cannot be changed. So have to be careful while putting information.
11. Open Parking can’t be sold.
12. The penalties are quite high.
13. Ongoing projects have window of 3 months to register but was suggested to do it asap to avoid last moment delays.
14. Everything online so no need to go to RERA office except for complaints hearings.
 For more understandings and misunderstandings regarding RERA Act, please visit Real Estate Regulation and Development Act 2016 – Understanding-Misunderstanding.