Whitesmann’s Commentary on RERA by Manish Verma and Kush Kalra – Edition 2022.

Whitesmann’s Commentary on RERA by Manish Verma and Kush Kalra – Edition 2022.

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Whitesmann’s Commentary on RERA by Manish Verma and Kush Kalra – Edition 2022.

The real estate sector in India is governed by various laws and regulations at both the central and state levels. One significant law is the Real Estate (Regulation and Development) Act, 2016 (RERA), which aims to regulate the real estate sector, promote transparency and accountability, and protect the interests of homebuyers.

RERA mandates the registration of real estate projects and real estate agents, establishes state-level Real Estate Regulatory Authorities (RERAs), and sets up an appellate tribunal to address disputes. The law requires developers to provide accurate information about their projects, including details of the land, approvals, layout plans, project timelines, and financials. It also mandates that developers deposit a certain percentage of the project funds in a separate escrow account to ensure timely completion of the project.

Besides RERA, there are several other laws and regulations that impact the real estate sector in India, such as the Transfer of Property Act, 1882, the Indian Contract Act, 1872, and various state-specific laws related to land and property.

It’s important to note that laws and regulations can vary from state to state in India, as real estate is primarily a state subject. Therefore, it’s essential to consult the specific laws and regulations applicable to the state in which the real estate transaction or project is taking place.

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