RERA Compliance for Real Estate Developers: Essential Requirements and Best Practices
Navigate the complex landscape of RERA compliance with our comprehensive guide covering registration requirements, ongoing obligations, and penalty avoidance strategies.
Adv. Meera Patel
Partner, Real Estate & RERA
Understanding RERA
The Real Estate (Regulation and Development) Act, 2016 (RERA) has transformed the real estate sector by introducing transparency, accountability, and efficiency in real estate transactions.
Registration Requirements
All real estate projects exceeding 500 square meters or involving more than eight apartments must be registered under RERA. The registration process involves:
- Project details and approvals
- Financial information and escrow account setup
- Timeline commitments and delivery schedules
- Quality specifications and amenities
Ongoing Compliance
Post-registration, developers must maintain continuous compliance through regular updates, financial reporting, and adherence to committed timelines.
Penalty Framework
RERA imposes strict penalties for non-compliance, including project deregistration, financial penalties, and potential criminal liability for promoters.
Legal Disclaimer
This article is for informational purposes only and does not constitute legal advice. The information contained herein may not be applicable to all situations and may not reflect the most current legal developments. Please consult with a qualified attorney for specific legal advice regarding your situation.