In India’s metropolitan cities, the property market has boomed in the past two decades. Everyone loves having a personal space, their own home. The big real estate companies have been in the news for not delivering projects while homebuyers paid over 80% of their purchase price while waiting to take possession. This reality crushed the dreams of hundreds of people who wanted to own their homes. The builder’s land, which was advertised in a beautiful real estate prospectus, often turned out to be a case where the land grabber. This led to the creation of a law and legal authority that could regulate builders and check if the so-called real estate project was a scam in the name of your home!!

The Real Estate Regulatory Authority Act 2016 came into effect on May 1, 2016. The lawmakers notified the legislators on May 1, 2017, that some parts of the Act took longer to be implemented. RERA specifies the requirements for builders, promoters, and agents. Real Estate Advocates also have a role to play. Transparency in the real estate buying and selling process. RERA possession rules that are clear help homebuyers to be aware of their rights and protect their financial interests. New RERA rules are geared towards the consumer. States and Union Territories must have local laws that comply with RERA Act requirements via a state/UT RERA website. RERA 2022 new rules require strict implementation of the central RERA Act by all states.

Due to the fact that each state has its own RERA guidelines and regulations, the new RERA rules for Maharashtra could be significantly different from those in West Bengal. For compliance with the RERA Act 2016 in a specific state or Union Territory, as shown in the table, it is important to check the official website.

RERA Rules of Payment

Below are the provisions of the RERA Act 2016 relating to payment.

The rights of homebuyers include the payment due to the builder, as agreed upon in the contract to sell.

The homebuyers may be charged interest if they fail to make the agreed payment on time.

RERA 2022 new rules also require the sharing of registration fees, municipal taxes and charges for water and electricity, maintenance charges, rents, etc. As provided in the contract.

The builder is responsible for all outgoings, such as water and electricity, until the buyer takes possession.

According to RERA’s new rules for 2022, the buyer can only pay 10% of the total price to the builder unless the sale agreement is complete.

These provisions are part of the new RERA rules for the Centre. The state/UT rules may have some additional requirements.

RERA Rules on Possession

The RERA 2022 new rules have their roots in the 2016 Act, as implemented by the states and union territories. Below are some extracts from the central Real Estate Regulatory Authority’s (RERA) possession rules:

The buyer is entitled to a refund with interest if the builder fails to deliver the project in accordance with the terms of the agreement to buy. (The applicable RERA rules will determine the interest rate).

The homebuyers can also ask for interest rates per month if they don’t want to cancel.

The buyers can claim a refund even if it is the result of the suspension or revocation by the RERA of the builder.

The home buyer is entitled to possession of the property within two months of receiving the occupancy certificate.

Allottees/homebuyers have the right to bring all necessary documents along with them after they take physical possession of their property.

The promoters/builders must hand over title documents relating to common areas within 30 days after obtaining the completion certificates to the authorities concerned or the association of homebuyers, depending on the situation.

RERA Rules of Renewal

The Real Estate Laws require agents and advocates to be registered with the state/UT authority for projects that exceed 500 sq. More than 8eightapartments or 500 sq. The checklist for real estate is required by all concerned parties to register as per RERA’s new rules. The central RERA Act of 2016 does not allow for the renewal of a license once a real estate agent/promoter has completed their registration with the state’s or UT’s Real Estate Regulatory Authority. In the event of a violation, such registration can be suspended. RERA’s new rules in 2022 for the state or UT may have something to say about this. The concerned person will need to comply with RERA rules before they can renew their registration.