Overview
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was introduced to bring transparency, accountability, and discipline to the real estate sector in India. Before the implementation of RERA, homebuyers often faced issues such as project delays, misleading advertisements, and lack of information. RERA aims to protect buyers while ensuring fair practices by developers and real estate agents.
RERA registration is mandatory for real estate developers and promoters who are launching residential or commercial projects exceeding 500 square metres or more than eight apartments. It is also compulsory for real estate agents involved in the sale or purchase of properties registered under RERA. Each State and Union Territory has its own RERA authority, and registration must be obtained from the respective State RERA portal before advertising or selling any project.
Through RERA registration, developers are required to disclose project details such as layout plans, approvals, timelines, land status, and financial information on the RERA portal. Seventy percent of the funds collected from allottees must be deposited in a separate bank account and used only for construction and land costs. This provision ensures timely completion of projects and reduces the risk of fund diversion.
Bizglobal assists promoters and real estate agents in completing RERA registration smoothly and compliantly. From eligibility assessment and document preparation to form filing and follow ups with the RERA authority, Bizglobal provides end to end support. Our team ensures accurate disclosures, timely submission, and ongoing compliance so that you can focus on your real estate business without regulatory stress.
