Overview

Promoters are the builders or the developers who builds apartment buildings and sell those to home seekers. With increasing complaints against the promoters, the Real Estate Regulatory Act notification by the government of India has led multiple guidelines which the promoters have to meet so as to legally build a project or sell it. The complaints of the buyers that have increased in the last decade or so have been mainly about the late possession they get of their flat purchase, faults or changes in the plans of the project after the agreement has been made and many other problems. The promoters are found to play with the hard earned money of a home seeker. RERA is government authority which has been sanctioned under Real Estate Regulatory Act 2016. It is yet to be operationalised in the country, but according to the government, it will be on work under a year from now. It aims to make a system devoid of any loopholes which can maintain a healthy passage of purchasing and selling of real estate projects. It was high time that the government had to bring such a strict policy as the public feeling regarding the real estate marker has gone from bad to worst. This has made the people to stop engaging into the buying and investing in real estate which hampers the inflow of cash which further leads to a slow growth of economy. Thus, the government, even though realising it late, has made measures so as to check the work of the promoters.

meraRERA is a portal which aims to connect the promoters, real estate agents and the buyers so that the real estate market, in general, can be revoked. meraRERA helps the government by providing the information to the people. These guidelines if met properly can do wonders for the overall economy and harmony of India. Following are the guidelines that are set up by RERA for the promoters.

Name : Siddharth D Magdum

Law Firm Name : Siddharth Magdum

Country : India

City : Mumbai

State : MAHARASHTRA

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