The Real Estate (Regulation and Development) Act, 2016 (RERA) in India governs various aspects of the real estate sector. These sectors such as redevelopment projects. While the primary objective of RERA is to protect the interests of homebuyers. It also provides guidelines and regulations for redevelopment projects. The rules and regulations of RERA vary from state to state in India. Then each state has its own RERA authority and has implemented its own set of rules.
RERA defines redevelopment as the reconstruction of an existing building or a part thereof for any reason. Developers require to register their real estate projects with the respective state’s RERA authority before advertising, selling, or promoting them. It encompasses projects where the existing structure is demolished and replaced with a new one. Here are some key features and rules of RERA:
What are compliances under RERA rules?
- Obtaining all necessary approvals and permissions from the competent authorities before commencing the project.
- Informing the existing allottees or tenants about the proposed redevelopment, its implications, and the terms and conditions.
- Offering the existing allottees or tenants an option to exit the project with appropriate compensation or providing alternative accommodation.
- Executing a registered agreement for sale with the existing allottees or tenants. Then clearly specifying the rights and obligations of both parties.
Project Registration: Like other real estate projects, a redevelopment project also needs to register with the respective state’s RERA authority. The developer must provide all necessary details about the project, including project plans, timelines, financial information, and other relevant information.
Completion and Delivery: RERA mandates that the developer should complete the redevelopment project within the specified timeline. The developer is also required to obtain the necessary occupation certificates and hand over possession of the redeveloped units to the existing allottees or tenants as per the agreed terms.
Grievance Redressal: RERA establishes a dedicated authority, often known as the Real Estate Regulatory Authority (RERA), in each state to address grievances and disputes related to real estate projects, including redevelopment. All parties involved in a redevelopment project can approach the RERA authority for the resolution of disputes, non-compliance issues, or any other grievances. For more details, contact us.