RERA is the new realty law that our Parliament passed last year. This Act seeks to protect homebuyers as well as developers and will also help to boost investments in the real estate industry. Under this Act, all commercial and residential real estate projects, where the land is over 500 square metres must register with the Real Estate Regulatory Authority (RERA) for launching/advertising a project. In case of failure to do so, penalty of up to 10% of the project cost must be paid.
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RERA is the new realty law that our Parliament passed last year. This Act seeks to protect homebuyers as well as developers and will also help to boost investments in the real estate industry. Under this Act, all commercial and residential real estate projects, where the land is over 500 square metres must register with the Real Estate Regulatory Authority (RERA) for launching/advertising a project. In case of failure to do so, penalty of up to 10% of the project cost must be paid.
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