The post-RERA real estate sector is witnessing major transformations with the introduction of strict laws regarding purchase, transaction and project delivery time that favour home buyers over real estate developers. However, it is undeniable that RERA holds promises of better opportunities for real estate developers, especially in the long run.
It’s over a year from the implementation of the Act across states in India. Therefore, we thought it would be helpful for you, the developer, to revise the key pointers of Developer Responsibilities as stated by the Real Estate Regulatory Authority Act (RERA), 2016.
1. Details of Project
The real estate sector (developer) is to provide complete details of each of his projects. This is to be drafted in lucid language so that even a legally unaware layman is able to verify the legal authenticity of the project. Further, developers must also work to create an environment of trust with their customers.
2. RERA Registration
The real estate developer is to enter all details of his project and register in the official website of the respective State RERA body. Till registration, he/she is not allowed to advertise or sell the aforementioned project. In fact, it ensures that developers follow registration norms right from the get-go.
3. Updation of details
The developer is to quarterly update the details of –
⦿ apartments
⦿ types of apartments or plots
⦿ garages booked
⦿ list of all other information and documents related to the project
⦿ status of the project
4. Brochure or Prospectus
A detailed prospectus or advertisement is to be given to the prospective home buyers which will include details of the RERA Authority website. Consequently, this will make it easier for them to understand their role and rights as a customer.
5. Details during Booking
At the time of booking, the developer will provide the following information to the home buyer –
⦿ Sanctioned plans, layout plans – verified by the concerned authority. (State RERA body)
⦿ Scheduled time of delivery or completion of the project
6. Promoter responsibilities at the time of booking
The promoter should –
⦿ Be responsible for all obligations, liabilities and functions to all the concerned individual allottees or their association.
⦿ Take charge to obtain completion certificate or occupancy certificate for individual allottees or their association.
⦿ In fact, make sure to obtain the lease certificate for the allottees, if the property is being developed on leasehold land. This will notify the clearance of all concerned dues of lease.
⦿ Also, facilitate the formation of an association or cooperative body that will take charge of the housing society after the developer.
⦿ Provide essential maintenance and services till the above-mentioned handover.
⦿ Execute a registered conveyance deed of the apartment in favour of the allottee which will also include information on common areas.
⦿ Pay all outgoings before the transfer from the developer to the allottee.
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