The real estate sector in India has seen unprecedented growth in the last 10 years. As a result, while many homebuyers could realise their dream of owning a house, many were left in despair because of the general lack of transparency and efficiency throughout their home buying journey. Many buyers would invest their lifetime earnings only to find themselves on the verge of losing those or paying a double-dip of rent as well as EMIs.
To ease the atrocities suffered by the buyers because of the irregularities in the home-selling process, the Indian government passed the RERA (Real Estate Regulatory Authority) Act. While many states are yet to notify the rules, Rajasthan has been one of the earliest implementers.
The Government of Rajasthan has now made it compulsory for all real estate projects and agents in the state to register on the official website of RERA in Rajasthan.
All construction projects in Rajasthan need to register on this website to retain their legal status.
Whereas every new project will need to register itself on the portal before it is permitted to start, projects that are already under construction have three months before they can complete the formalities and register on the portal. This may sound like a strict regulation initially, but there are exemptions on the kinds of projects that don’t need to be registered on the portal.
These exemptions are for projects that meet the following conditions:
- Area of land ≤ 500 Sq. Mtr.
- No. of flats ≤ 8
- Completion certificate received
- Renovation / Repair
Also, there is no regulation on rental properties. With Rajasthan setting the tone, would the other states follow?
