RERA ACT

RERA-stands for Real Estate Regulation Act.
The Real Estate (Regulation and Development) Act, 2016, (RERA) is an act passed by the Indian parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. While the Rajya Sabha passed the RERA bill on March 10, 2016, an approval from the Lok Sabha came on March 15, 2016. The act then came into force from May 1, 2016.

Under the Act, state governments are required to notify their own rules under the Act, on the basis of the model rules framed under the central Act.

As per section 3 of RERA Act, 2016 registration of real Estate Project with the WBRERA authority is compulsory.

This Act does not allow any promoter or developer to advertise, market, sell or offer for sale or invite any persons to purchase in any manner any plot, building or apartment as the case may be without registering the real estate project with RERA Authority.

All ongoing projects for which completion certificate has not been issued, needs to be registered with RERA Authority within 3 months from the commencement of this act.

When is Registration Not Required- For West Bengal?
Promoter has received completion certificate for a real estate project prior to commencement of this act.
Area of the land proposed to be developed does not exceed 200 sq metres or No. of apartments proposed to be developed does not exceed 6 inclusive of all phases.
The purpose of renovation, repair, or re-development, which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building, as the case may be.

Real Estate agent are also compulsorily required to be registered with RERA authority.

Who are Real Estate Agents?
Any person who negotiates or facilitates the sale or purchase of any plot, apartment or building and receives remuneration or fees or any other charges for his service whether as commission or otherwise. Includes property dealers, brokers, middlemen by whatever name called.