As per REDA, no promoter can sell/book/advertise or enter any agreement for sale any part of the project without prior registration with RERA authority.
The application for registration of such Real Estate Project shall be made in writing along with declaration, as prescribed in Rules, in triplicate.
The act is expected to revive confidence property buyers have on realty sector by making builders and property brokers more accountable for delivering projects on time.
Buyers will get a more transparent property search, sourcing and purchase experience with the legislation being followed in letter and spirit.
An application to the Authority for registration of the real estate project shall be made in writing along with declaration, as prescribed in Rules, in triplicate.
Real Estate projects that are ongoing and have not received a completion certificate, on the date of commencement of the Act, the promoter shall, within a period of 3 months from the date of commencement.
The real estate agent shall pay a registration fee at the time of application for registration by way of a demand draft or a banker’s cheque drawn on any scheduled bank or through online payment.