The Real Estate (Regulation and Development) Act, 2016 has released new rules for the real estate business. It includes newly constructed buildings consisting of six or more flats on 3-cottah plots.
This significant expansion empowers the real estate regulator to ensure better adherence to regulations in almost 90% of smaller projects. Previously, customers had limited avenues to address concerns in such developments and often had to resort to legal action when developers failed to fulfill their responsibilities.
Before the latest act, real estate projects were only constructed on plots of 7.5 cottah or larger. Plus, developers can build a minimum of eight flats on this dedicated place. While this new revision of real estate regulation comes up with new scope.
What Is RERA?
West Bengal Real Estate Regulatory Authority is established under section 20 (1) of the Real Estate (Regulation and Development) Act, 2016 (Act No. 16 of 2016).
To promote and regulate the housing sector and to ensure sale of plot, building or apartment,or sale of real estate projects, in an transparent and efficient manner.
Protecting the interests of real estate consumers and to ensure that disputes are resolved quickly by this rule. It provides clear and concise information about real estate transactions, holds developers accountable for their promises, and allows consumers to take legal action if they are deluded.
It is compulsory to register a Real Estate Project under the Real Estate Regulatory Authority under section 3 of the Real Estate (Regulation and Development) Act, 2016 (Act No. 16 of 2016).
The Impact Of West Bengal RERA Regulation On Real Estate Project
This new Real Estate regulation confirmed that developers can build new residential property on 3-cottah land. It reduces the threshold of inclusion of projects under the previous real estate regulator.
Now developers are allowed to plan projects in small areas. Welcoming this notification, confederation of Real Estate Developers Association of India-West Bengal president Sushil Mohota said, “It is often seen that a lot of customers get cheated by small-time developers who take up projects to make a quick buck unethically. They are unable to complete the project on schedule. Many times, projects don’t get completed at all. There are also instances when the same unit is sold to multiple customers. There are complaints of poor construction as well. With these projects now coming under the purview of the watchdog, these developments will also get regulated and streamlined”
With this new West Bengal RERA rules being put in place, now the real estate buyers are protected. They believe in this industry and real estate company.
We hope this blog will be informative. Stay tuned with Srijan Realty for more relative information and highly developed real estate projects.
Frequently Asked Questions (FAQs):-
Q1. Which State Had Maximum Projects Registered Under Rera?
Maharashtra has the maximum number of projects registered under the RERA.
Q2. How many States Have RERA Act?
30 states of India including West Bengal follow the RERA Act.
Q3. Is RERA Applicable All Over India?
RERA (Real Estate Regulation Authority )applies to both commercial and residential properties. RERA is a subdivided regulatory body for real estate development in a single state in India.