ADVICE ON RERA – FOR PROMOTERS AND AGENTS

by | Dec 10, 2019

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Promoters

  • Getting an Ongoing project registered under RERA is mandatory.
  • An ongoing project is defined as one which has not received OC/CC from the local authority.
  • Penalties for not registering an ongoing project is equivalent to 3 years of prison for the promoter or 10% of the project value.
  • A new project unless it is registered under RERA cannot be advertised (marketed/sold).
  • RERA adds credibility to the Promoter’s Project, it is a stamp of approval from the authority.
  • RERA also allows builders to plan ahead of time and manage project finances with strong discipline and a clear outlook.

Agents

  • RERA registration for Agents is mandatory before one sets out to sell any unit in a RERA registered project.
  • RERA adds credibility to the Agent as it is a stamp of approval from the authority.
  • Any agent without RERA registration if found guilty of selling any unit can be penalized 5% of the unit value in question.

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