Real Estate & RERA Lawyers in Chennai

The Real Estate Regulatory Authority (RERA) Act was introduced in 2016 with the aim of protecting the interests of home buyers and boosting investments in the real estate sector. The Act requires all real estate developers to register their projects with RERA and obtain a registration number. Developers are also required to disclose key information about their projects, such as the project location, land area, carpet area, number of floors, amenities, price list, and schedule of delivery. RERA has helped to create a more transparent and efficient real estate market by providing a central repository of information for buyers and investors. It has also helped to reduce corruption and illegal activities in the sector. The RERA Act is a positive step towards protecting the rights of home buyers and making the real estate sector more accountable. 

Key Point of RERA Compliance

The following are the key points for understanding the impact: 

The Real Estate Promoter Law stipulates that neither the dealer in question nor any other promoters shall advertise, market, book, sell or offer for sale, or invite persons to purchase, any plot, apartment, or building, as the case may be, in any real estate project or part of it, in any planning area, without first registering the real estate project. 

It will not be possible for the promoter to even try to market or advertise the project without having to register it. This ordinarily results in a huge amount of monetary expense for huge projects. 

No Real Estate promoter can accept more than 10% of sales consideration for the buyer without getting into an Agreement of sale. 

A Real Estate Promoter may not take a property value greater than 10% of consideration for a purchase without being in an agreement of sale. 

Six months after the fiscal year closes, a certified accountant from the practice must examine Aaron’s records and submit a statement of credentials officially signed and notarized. In the cases in which the amount of money destined for a particular venture has been allocated to the lawsuit’s conclusion, Joel has followed his payments from the needed percentage. 

The Builder developer shall ensure that the cancellations and refunds are carried out in accordance with the Act. 

How Important the RERA Compliance for the purchase and sale of property?

With a rapidly growing population, the need for housing and property development in India is at an all-time high. To meet such demand, the government has enacted the Real Estate Regulatory Act (RERA), which helps to promote housing and real estate growth in a structured and organized way. If you are buying a property built over more than 500 Square meters or 5400 Sq.feet  then it becomes obligatory for the seller to register the real estate property under RERA Act. This RERA Act is a significant law aimed to manage contracts and agreements between buyers and sellers in the land segment to  offer the plot, flat or building for sale. This is to ensure transparent, effective during the transaction of the property.

Services of RERA Professionals

Compliances related to the RERA act to get project approvals. Registration and other instruments of Projects.  

To ensure compliance with the newly-implemented Real Estate Regulation and Development Act (RERA), it is important for developers to have their projects approved by state-level regulatory authorities. This involves meeting a number of eligibility requirements related to things like land ownership, paperwork, and construction standards. In addition, developers must register their project with the local RERA authority, usually through a specialized platform or website that facilitates the registration process. Once registered, developers can use a variety of tools such as sales agreements and disclosures to help them keep their projects in compliance with all relevant regulations. Overall, these compliance measures are critical for ensuring that project approvals go smoothly and that buyers can trust in the quality of new developments. 

Services offered for ongoing projects (or New Projects) are provided.

The regulator has manifold services for new and ongoing projects. For new projects, RERA website provides the following:  

• Allotment letter  
• Approved plan, layout and land status  
• Schedule of amenities
• Details of promoters, real estate agents, contractors, architects, structural engineers  

For on-going projects which were not registered under RERA, but are now mandatorily required to get registered, following information is made available on RERA website:

• Current status of the project with details of percentage of work completed till date as certified by an engineer/architect/licensed surveyor. 
• Schedule for completion of the project as revised by the promoter in consultation with the competent authority and uploaded on the website   
• Grievance redressal mechanism for home buyers and impounded funds received from allottees in respect of that project or part thereof.  

The regulator also offers many important services for both new and on-going projects such as registration of real estate agents, registration of projects, filing of complaints etc.

Preparation of groundworks for submission

The process of preparing groundworks for submission under the Real Estate Regulatory Act, or RERA, can often be quite complex and time-consuming. Typically, a team of professionals is required to assist with evaluating the necessary documentation and ensuring that it is complete and up-to-date. This includes reviewing things such as building plans, ownership certificates, and title deeds. Additionally, assessment may be needed to determine if there are any outstanding legal issues with the property in question. Once all of this information has been verified and compiled, it must then be carefully prepared for submission to RERA in accordance with their requirements. With careful planning and attention to detail, however, the groundworks process can be completed smoothly and efficiently. 

At RERA Compliance Services in Chennai, we understand the intricacies of RERA and offer expert consultancy services to help real estate professionals navigate the requirements of this important regulation. Our team consists of experts in real estate law and policy who are dedicated to creating an environment that is supportive and conducive to achieving RERA compliance. Whether you are a developer looking to launch a new project or an investor looking to invest in property, our guidance can help you succeed in this competitive market. With our support, your real estate decisions will be well informed, helping you to achieve your goals with confidence. So if you’re searching for an effective way to navigate the complexities of RERA, look no further than RERA Compliance Services in Chennai.