Rera Registration Service in Vikas Puri, Delhi

What is RERA Registration? RERA certificate is a license or certificate issued by the real estate regulatory authority to the builders. RERA certificate is mandatory for the entire commercial and residential real estate project where the land is above 500 sq. meters or 8 apartments to apply for RERA Registration for a launching project. RERA (Real State Regulatory Authority) bill was drafted in the year 2013 and passed by the Rajya Sabha on 10 th March 2016 and on 15 th March 2016 by Lok Sabha. It came into force on 1 st May 2016 with 59 out of 92 sections. The remaining provisions came into force on 1 May 2017. RERA (Regulation and Development) Act, 2016 has become 3 years old now. In these three years act has had its ups and downs. RERA (Real estate regulation and development act, 2016 brought rapid changes in the real estate sector of the Indian Economy. It brought transparency, reduced corruption and also brought entitlement rules and procedures into the real estate sector. The aim of this act was to protect the rights of home- buyers and also aims to boost investment in the sector. This has also brought major changes in the real estate sector because before this act though the sector was regulated, many illegal activities were floating in the sector like the sector was fraught with the corruption. There were also some issues regarding the ownership of the houses among the buyers and the sellers and the main problem was that there was no coordination between the buying and selling of the home. Also, there were several issues regarding the ownership and delivery of flats. There was no obligation and the buyer had to wait for several years even after the promised time period of the delivery flat. This greatly impacted the performance of the sector and thus RERA act came into existence.