Exemption of Real Estate Projects Under RERA.

Real Estate Project Under RERA

Under the RERA Act, 2016 in India, there are certain exemptions granted for specific real estate projects. It’s important to note that while RERA seeks to regulate the real estate sector and promote transparency and accountability. And there are provisions allowing for certain projects to be exempted. The specifics of these exemptions states have their own rules and regulations under RERA. Here are some common exemptions:

Major Projects:

Projects Below a Certain Size: In many states, real estate projects are below a certain threshold. So, thresholds in terms of the number of units or the land area may be exempt from RERA registration. This threshold can vary from state to state.

Renovation and Repair: RERA typically exempts projects that involve only renovation. Or repair of existing buildings and do not involve the sale of new units.

Government Projects: Projects undertaken by government authorities for public purposes may be exempted from RERA.

Certain Types of Societies: Cooperative housing societies are formed by the members themselves for self-construction. So, that may be exempt from RERA requirements.

Specific Types of Real Estate Transactions: Certain types of transactions, such as the sale of agricultural land, may be exempt from RERA regulations.

Other Projects:

Non-Residential Projects: RERA primarily focuses on residential real estate projects, so non-residential projects like commercial or industrial developments may be exempt.

Ongoing Projects: In some states, RERA regulations may not apply to projects that were substantially completed before the enactment of RERA, although some disclosures may still be required.

It’s essential to consult the RERA regulations and regulations specific to your state or union territory to understand the exact criteria and conditions for exemptions in your area. Additionally, even if a project is exempt from full RERA registration, developers and promoters are often required to provide some level of disclosure and transparency to protect the interests of homebuyers.

Homebuyers are encouraged to verify the RERA registration status of a project before making a purchase to ensure that the project complies with the applicable regulations and safeguards their rights as consumers.

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