In 2016, The Real Estate Act laid the foundation of the Real Estate Regulatory Authority in the real estate sector. On 6th March 2019, the state government of Rajasthan established Rajasthan Real Estate Regulatory Authority (Rajasthan RERA).
In our country, the real estate sector has always been controversial. All the scams and feuds in real estate lead to skepticism. Despite all the consumer protection laws, there were no administrations to prevent the mishap. Consequently, the real estate sector could not see potential growth.
In order to strengthen consumer protection in the real estate sector, a regulatory panel was paramount. That is when the central government brought The RERA Act into effect. Under this Act, the State government was supposed to establish a Real Estate Regulatory Authority to address all the affairs concerned with real estate.
Objectives of Rajasthan RERA:
Apart from its well-structured set of actions, RERA Rajasthan focuses on a list of objectives. These objectives are designed to ensure the smooth functioning of the system.
Services provided by RERA Rajasthan:
RERA Rajasthan is the complete platform for all the real estate concerning queries. Therefore, all the facts and figures in its database need to be accurate and updated.
To keep a central record of all the projects, Rajasthan RERA offers a set of services, which in turn contributes to the updated database.
The convenient and compulsory registration policy helped the state government in keeping records of all the ongoing projects and verified real estate agents in Rajasthan.
Rajasthan RERA mandated the registration of all the large-scale projects in the state. It includes all the commercial as well as residential projects that fall in the category of large-scale projects.
Projects with less than eight apartments or surface area less than five hundred square meters were relieved from the registration process. It saved people from the trouble of registering small-scale projects.
No promoter holds the right to advertise or promote any real estate project without registering it with RERA Rajasthan.
All the real estate agents in Rajasthan should register under RERA Rajasthan. No agents are authorized to promote or make sales in the state without being registered under this section.
This process rules out all the suspicious agents. The buyer can use the registration as a means to verify the authenticity of the agent.
Rajasthan RERA is equipped with its search engine (www rera rajasthan gov in) that is exclusively used for searching real estate projects and agents.
Any user can access the search option on the official website of RERA Rajasthan (www rera rajasthan gov in). This option can be used to search for any registered real estate projects and agents.
The details of registered projects are available online to make verification more convenient and accurate.
Rajasthan RERA will receive any complaint regarding any real estate project or agent. You can file a complaint directly through the website.
The complaints are addressed quickly at RERA. The system is obliged to receive your complaint and work on it instantly.
If the person is not satisfied by the decision of RERA Rajasthan, he can further appeal in Appellate Tribunal.
If the person is not convinced even with the decision of the Appellate Tribunal. He can appeal in the high court.
Offenses and Penalties:
To ensure that the RERA guidelines are being followed, some specific penalties are introduced. Every violation is countered with a penalty.
- If the promoter fails to register the project, he is fined 10% of the total project cost.
- Suppose the promoter ignores the orders of the RERA. In that case, he is liable to pay an additional 10% of the total project cost or imprisonment.
- Suppose the real estate agent fails to register himself with the authority. In that case, he is fined ten thousand rupees per day until he is registered. This fine can reach up to 5% of the total cost of the project or property.
- The promoter is not allowed to take more than 10% of the total project cost in advance.
- In case of any misunderstanding or false statements, the promoter is liable to compensate the buyer with a full refund along with interest.
- Suppose the project is not completed in the given time frame. In that case, the promoter will pay the interest of every month delayed.
- Suppose the buyer applies for a refund within thirty days. In that case, the promoter can take up to 5% of the given registration fees.
Rajasthan RERA reformed the way of the real estate sector in Rajasthan. Every policy is designed to RERA benefit the consumer and protect them from any scam or forgery. RERA works as an assurance for the people who are willing to invest in the real estate sector.