RERAFORALL brings you some of the most common question asked to understand and know more about RERA (Real Estate Regulation Act 2016 ).
COMMON QUESTIONS ABOUT RERA – PART (I)
- What are the objects and reasons for which the Real Estate (Regulation and Development) Act 2016 has been framed?
Ans: – The Real Estate Act is intended to achieve the following objectives:
- Ensure accountability towards allottees and protect their interest;
- Infuse transparency, ensure fair-play and reduce frauds and delays;
- Introduce professionalism and pan India standardization;
- Establish symmetry of information between the promoter and allottees;
- Imposing certain responsibilities on both promoter and allottees;
- Establish regulatory oversight mechanism to enforce contracts;
- Establish fast- track dispute resolution mechanism;
- Promote good governance in the sector which in turn would create investors confidence.
- Which areas of Maharashtra are included in the Planning Area as defined in the Act?
Ans: – In accordance with notifications issued by Urban Development of Government of Maharashtra, MR and TP Act applicable to all the districts of Maharashtra. Hence, all areas of Maharashtra are included in Planning Area as defined in section 2(zh) of the Act.
- Does the definition of ‘promoter’ include public bodies such as development Authorities and Housing Boards?
Ans: – The Act covers all bodies (private and public) which develop real estate projects for sale to the general public. Section 2(zk) defines the term ‘promoter’ which includes both private and public real estate promoters. Thus both Development Authorities and the Housing Boards, when involved in sale are covered under the Act.
- If a real estate project has land area more than 500 sq.mts but containing less than 8 apartments. Does it still need to be registered?
Ans: – Yes. Every real estate project which has land more than 500 sq.mts but has less than 8 apartments needs to be registered.
- If a real estate project has land area less than 500 sq.mts but containing more than 8 apartments. Does it still need to be registered?
Ans: – Yes. Every real estate project which has land less than 500 sq.mts but has more than 8 apartments needs to be registered.
- Does Advertisement include solicitation by emails and sms? Is issuance of prospectus considered to be a case of ‘advertisement’?
Ans: –As per section 2(b), which defines ‘advertisement’, any medium adopted in soliciting for sale would be covered under the said definition, including sms and emails. prospectus, which is intended for sale of apartment in real estate project, will also be covered.
ADV LEENA KAULGEKAR