POWERPOINT PRESENTATION ON THE RERA ACT, 2016

1. Introduction
• The real estate sector is an important component of the
economy and plays a catalytic role in meeting the
country’s housing and infrastructure needs and
demands. While this sector has grown significantly in
recent years, it has been largely under-regulated with the
absence of standardisation and lack of adequate buyer
protection.

2. • Though the Consumer Protection Act 2019 provides a forum
for real estate buyers to address their concerns, the option is
only curative and does not adequately address all the
problems of buyers and promoters in that sector. The absence
of uniformity has been a constraint to the healthy and orderly
growth of the industry. Therefore, the need for regulating the
sector has been accentuated in various forums.

3. Why RERA
• An Act to establish the Real Estate Regulatory Authority for regulation
and promotion of the real estate sector and to ensure sale of plot,
apartment or building, as the case may be, or sale of real estate project,
in an efficient and transparent manner and to protect the interest of
consumers in the real estate sector and to establish an adjudicating
mechanism for speedy dispute redressal and also to establish the
Appellate Tribunal to hear appeals from the decisions, directions or
orders of the Real Estate Regulatory Authority and the adjudicating
officer and for matters connected therewith or incidental thereto

4. 3. Prior registration of real estate project with
Real Estate Regulatory Authority
• —(1) No promoter shall advertise, market, book, sell or
offer for sale, or invite persons to purchase in any
manner any plot, apartment or building, as the case may
be, in any real estate project or part of it, in any planning
area, without registering the real estate project with the
Real Estate Regulatory Authority established under this
Act:

5. • Provided that projects that are ongoing on the date of
commencement of this Act and for which the completion
certificate has not been issued, the promoter shall make
an application to the Authority for registration of the said
project within a period of three months from the date of
commencement of this Act:

6. • Provided further that if the Authority thinks necessary, in
the interest of allottees, for projects which are developed
beyond the planning area but with the requisite
permission of the local authority, it may, by order, direct
the promoter of such project to register with the
Authority, and the provisions of this Act or the rules and
regulations made thereunder, shall apply to such projects
from that stage of registration

7. Sec 4 Application for registration of real estate projects
• Every promoter must submit an application to the Authority
for registration of the real estate project in the form,
manner, and time stipulated by the regulation of the
Authority along with the fee specified by the Authority.
• Step 1: An application has to be filed along with the fee and
other documents in the prescribed form for registration with
RERA by the applicants.
• Step 2: The approval or rejection of the application for
registration shall be done within thirty days from the date of
receiving the application by the Authority.
• Step 3: The promoter of the project shall be provided with
a registration number, user ID for login and password for
the applicant on successful registration.

8. Sec 5: Granting of registration by the authority
1.The authority, shall within thirty days from the date of
receipt of the application –
2.Grant registration of the real estate project subject to the
provisions of the Act and issue the applicant a registration
number, as well as a Login Id and password, to enable him
to access the website of the Authority and create his web
page to fill in the details of the proposed project; or
3.Reject the registration by rejecting the application if it does
not conform to the provisions of the Act and record reasons
in writing.
• Provided applications cannot be rejected without giving an
opportunity of being heard to the applicant.

9. 4.As per sub-section (1), if the authority does not
register the project within thirty days, then the project
is deemed to be registered and the promoter shall be
given the user ID for login and password for accessing
the RERA website and to create his website for
uploading the details of the proposed project.
5.The registration so granted under this section is valid
for the time specified by the promoter in section 4
under sub-clause (c) for the completion of the project.

10. Sec 6:- Extension of registration
1.There has been a major delay in handing over the project
to the buyers by the developers. The Act was promulgated
to avoid such delays. Hence, the developer, at the time of
registration should specify a timeline during which the
project will be handed over to the buyer.
2.The specification of the timeline is very important because
if the project is not handed over within the said time, it may
be usurped by the regulator and be revoked.
3.Under this Section, the discretion solely lies with the
regulator to grant an extension of registration.

11. 1.The regulatory authority may take into account the
force majeure conditions or any reasonable
circumstance to merit the extension.
2.The promoter shall make an application detailing
the force majeure or the reasonable circumstances
which resulted in the delay in such form and by paying
the prescribed fee as the regulatory Authority may
specify from time to time.

12. Sec 7 Revocation of registration
• The Authority may revoke the registration granted
under Section 5 after being satisfied that –
• the promoter fails to do anything required by or under
this Act or the rules or regulations made thereunder,
• the promoter violates any of the terms or conditions of
the competent authority’s approval,
• the promoter is involved in any unfair practices or
irregularities

13. • The authority, upon the revocation of the
registration –
• Debar the promoter and his access to the website with
regard to the project he undertook and put his name
under the list of defaulters and display his photograph
on the website. He shall also inform the other Real
Estate Authorities in other States and Union Territories
about the revocation so made.