IMPACT OF RERA ACT,2016 IN INDIA

MR ANEES KHAN BALLB(HONS)CS.MBL gave a lecture on RERA act,2016 in India. A law graduate a great mooter and had took part in many conferences in  UG. He started his career as a Legal Project associate at IIT Madras for Central Govt Law Drafting Projects. Later He worked as Regional Manger at Reliance General Insurance. At present he is the Manager- Legal Department at KLP Projects Private Limited which is an unit of Landmarks groups.He gave general introduction on The Real Estate (Regulation and Development) Act, 2016. Some  quick important points of RERA which makes it mandatory for all builders – developing a project where the land exceeds 500 square metre -to register with RERA before launching or even advertising their project. Developers will have to submit as well as upload project details, including approved layout plan, timeline, cost, and the sale agreement, that prospective buyers will have to sign to the proposed regulator. It also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter, without any further charge, within 30 days, he added.The State RERA office has four wings: Finance, Legal, technical and administration and IT.He also gave gist on Registration of apartments.Before applying for registration, the layout of the real estate project has to be approved by the local authority like BMC.All commercial and residential real estate projects will have to be registered  except where Imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of Appellate Tribunals and Regulatory Authorities. He also explained about penality under RERA,ACT 2016.