A RERA approval is meant to standardise real estate practices throughout the country, so as to create a level playing field for buyers. So what does it mean when real estate projects have a feature that reads ‘RERA Approved’. To break this down simply, RERA approved projects, or RERA-compliant builders are those who follow these set of criterias:

1. As per RERA regulations, the developer is required to submit all approvals, plans, agreements, advertisement or prospectus, on the online portal of the RERA authority for the public.
2. All registered projects are required to update their quarterly compliance report on the online portal of RERA.
3. As per the RERA regulations, every promoter or developer needs to keep 70 percent of the amount received from allottees in a RERA designated account and it shall be used for the project cost only.
4. The developer must comply with a few obligations before flats are allotted and booked. These include making sure that the transaction is done through a RERA registered agent, making an approved plan available to buyers, and taking an advance of only 10% of the total cost of the unit.
5. The developer shall form the co-operative society or society/association as prescribed by the respective State Govt.
6. Every builder needs to complete and deliver the project in time and give its possession within three months.
7. The promoter or developer needs to review the building’s quality. As per RERA regulations, the builder is required to rectify any defects in the structure within 30 days of intimation without any extra cost.
8. The builder shall not do a promotional launch or advertisement before registration with RERA.

With the aim to create a system of fair transaction between the seller and the buyer of properties RERA is imperative in the process of making real estate purchases simpler, by bringing in better accountability and transparency. When more developers are RERA approved:

• Fewer project are launched and only the most honest developers benefit from the scenario.
• Dishonest builders have failed to sustain in the market since they’re unable to comply with the RERA Act and its implementation.
• The 32 sections added in the act encourage financial discipline in the sector, thus making it a fair, level-playing field.
• Developers are made answerable if they make certain changes to the project after its commencement.
• These measures will, in the long run boost the confidence of the customers, thus making them invest more.

1. Among the several features we’ve seen above, the RERA Act has an immense number of benefits which include:
   Complete Transparency: According to the RERA Act builders are obligated to ensure that there is total transparency in the information provided to the home buyer. This includes total transparency and information on every single, major and minor aspect of the project they are building.
2. No Project Delays: Before the RERA Act, project delays were a major cause for concern amidst home buyers, and builders used to keep delaying launches and possessions for their own benefit. But thanks to the RERA Act, this is no longer permitted. It is now mandatory for builders to complete projects within the time frame and defaulters are required to pay an interest rate of 2% above the lending rate offered by the country’s largest nationalised bank, the State Bank of India. Moreover, builders could also face a possible jail term of 3 years for project delays.
3. No Excess Area Charges: As a rule, builders cannot charge homebuyers for both, the built-up and the super built-up area. With the RERA Act, buyers only have to pay for the carpet area of the home purchased by them i.e. the area between the walls.  The super built-up area, which is the area covered by external walls, which includes the elevator, the stairs, the lobby, the balcony and other such common spaces, cannot be charged to the buyer.
4. No Poor Construction: The RERA Act also gives home buyers protection against poorly constructed homes, claiming that a building should be free of any kind of structural defect for a minimum period of 5 years of buyers’ gaining possession of the property. In case any defects are found, it is the responsibility of the builder to fix the defects without charging the buyer. Also, the defect should be fixed in a period of 30 days from intimation.
5. Safety of Money: One of the most important benefit of RERA is that developers must mandatorily deposit 70% of the sums received from buyers into a separate escrow account and the money can only be withdrawn in accordance with the construction stage as approved by builders’ chartered accountants and engineers. Also, builders cannot ask for more than 10% of the cost of the property as advance before a sale agreement is drafted.

Apart from home buyers, the RERA Act also provides a certain set of benefits to real estate builders and developers builders and developers who are RERA registered, in the following ways:

1. Defaulters Are Penalised
   One of the most important benefits for developers is that the RERA Act makes it easier to lawfully eliminate those who are indulging in malpractices. This benefits honest builders greatly, helping that work with integrity.
2. More Demand
   With the ease of home buying that eliminated fraudulent practices, more buyers are attracted towards new homes, thus increasing the demand in the real estate avenue.
3. Project Extension In Special Cases
   While sanctioning penalties on fraudsters, the RERA Act also protects honest developers who may at times face honest problems with their projects. In the event of war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature, RERA provides for an extension of registration of realty projects. The second reason where there is no fault of the promoter, can also be submitted via a written application to the RERA authority, highlighting the reason for the registration delay. However, the delay must not be more than a year.

With the biggest infusion on transparency in the real estate sector till date, the RERA Act has had an immense impact on the way Indians are now buying properties. Gone are the days when home buyers feared buying a new property due the various fraudulent policies that were almost normal at the time.
Due to its entirely consumer-centric nature, the RERA Act has boosted confidence in making investments in the real estate sector, while also providing complete information about the project to its buyers.
As far as project delays are concerned, with the hefty fines levied on defaulters, buyers are now given the possession of their homes on time, thus enhancing faith among consumers.
All in all, with better transparency, credibility and security, the RERA Act has forever changed the Indian real estate market by instilling a feeling of security among buyers, as well as honest developers.

With the biggest infusion on transparency in the real estate sector till date, the RERA Act has had an immense impact on the way Indians are now buying properties. Gone are the days when home buyers feared buying a new property due the various fraudulent policies that were almost normal at the time.

Due to its entirely consumer-centric nature, the RERA Act has boosted confidence in making investments in the real estate sector, while also providing complete information about the project to its buyers.
As far as project delays are concerned, with the hefty fines levied on defaulters, buyers are now given the possession of their homes on time, thus enhancing faith among consumers.

All in all, with better transparency, credibility and security, the RERA Act has forever changed the Indian real estate market by instilling a feeling of security among buyers, as well as honest developers.

For property builders and developers and developers looking to get RERA-registered, the require the following documents:

• PAN Card.
• Particulars of Registration including bye-laws.
• Memorandum of Association.
• Articles of Association.
• Self-certified copies of all letterheads.
• Income Tax Returns information(past 3 years)
• Self-certified copy of letterhead rubber stamp.
• Audited balance sheet for the previous fiscal year.
• Name, address, contact information, and an image of the promoter/director/partners/chairman, or any other authorised person, if any other entity exists.
• Details on architectural and design standards, construction technology, earthquake-resistant measures, etc.
• The real estate project’s floor plan.
• Details about the encumbrances on the planned land where the real estate project will be carried out.
• Details regarding the sub-judice processes about the proposed land for real estate project (if applicable).
• The number of parking places that are covered.
• Information on the proposed plan, the sanctioned plan, the floor space index, the layout plan, etc.
• Number of wings or buildings proposed, etc.

Under the RERA Act, strict penalties apply to developers who do not comply with standards set by law. These applicable penalties under the RERA Act include:

1. If a developer fails to register before advertising and promoting the project, they are levied a penalty which may be as high as 10% of the estimated cost of the real-estate project. If the developer promoter fails to comply with this rule and continues to be unregistered, they have to face imprisonment for up to three years, and/or remit a fine which could be as high as 20% of the estimated cost of the real estate project.
2. If promoters provide fake information during the registration of real-estate projects, they are imposed with a penalty of up to 5% of the estimated cost of the real-estate project.
3. If any promoter fails to comply with any of the orders or directions of the Authority, they can be levied with a penalty which can extend up to 5% of the estimated cost of the real estate project.
4. Furthermore, if any promoter fails to act in accordance with the orders, decisions or directions of the Appellate Tribunal, they can be imprisoned for tenure of 3 years and/or will be levied with a fine which can cumulatively extend up to 10% of the estimated cost of the real estate project.

In order to check whether a project is RERA Registered, go ahead and visit the official RERA website of the state you want to buy your property in. To give you an example, go on to Maharashtra’s RERA portal https://maharerait.mahaonline.gov.in/searchlist/search

• Once you’re on the portal, you’ll get to see three options, including – Registered Project, Registered Agents and Revoked Projects
• Click on the suitable option
• Enter project name/agent name, promoter name, MahaRERA Project or agent registration number
• Hit search and there you have it
• You can also alternatively click on ‘View all projects on Map’ and look through the map for the project.

The carpet area of a unit, as defined by RERA is the net usable floor area of an apartment plus the internal walls, which excludes size of external walls, services shafts, exclusive balcony or verandah area and exclusive open terrace. It is now a mandate that builders registered under the Act must sell the property only by quoting the RERA carpet area and not any other area type.

Making it a lot easier to call out defaulting builders, RERA has made a provision in which a home owner can file a complaint under Section 31 of the Act. Complaints can be filed against developers, builders, and agents with the regulatory authority or the adjudicating officer.

To do this, visit the State’s official RERA website, and search for the‘Complaint Registration’ page. Click on the complaint registration link and fill in the form that requires details of your grievance. Along with your personal details, you can also attach supporting documents.

Once you fill the form, you need to pay a sum of Rs 1,000 for filing the complaint or Rs 5,000 in the case of filing complaints before the Adjudicating Officer.

After submitting all required documents and registration charges, a developer/builder is granted the RERA certificate and number in a span of upto 30 days, but with a few exceptions where it might take longer.

Real estate agents in India require a mandatory registration under RERA. Every real estate agent must get a registration certificate and license in order to carry out his/her business. The RERA certification for agents is obtained after four steps that include- completion of due paperwork, verification of documents, form-filling and final allocation of registration number.