{"id":310,"date":"2021-10-21T11:56:05","date_gmt":"2021-10-21T11:56:05","guid":{"rendered":"https:\/\/grandthum.com\/blog\/?p=310"},"modified":"2026-01-12T11:32:28","modified_gmt":"2026-01-12T11:32:28","slug":"rera-and-its-impact-on-real-estate","status":"publish","type":"post","link":"https:\/\/www.grandthum.com\/blog\/rera-and-its-impact-on-real-estate\/","title":{"rendered":"RERA and its impact on Real Estate."},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><br>The Real Estate Regulation (Development) Act 2016 came into effect on May 1, 2017. Under this act, the main aim was to increase investments in the real estate sector and create transparency between buyers and builders.<\/p>\n\n\n\n<p class=\"has-large-font-size\">Why has RERA become important?<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>For many years, buyers complained about the transactions of the real estate being favourable towards the developers.<br>Seeing this, RERA and the Government of India aimed to have equitable and fair deals between seller and buyer, especially in the primary market.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>What projects come under RERA?<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"700\" class=\"wp-image-311\" style=\"width: 700px;\" src=\"https:\/\/grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-04-3-scaled.jpg\" alt=\"\" srcset=\"https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-04-3-scaled.jpg 2560w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-04-3-300x300.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n\n\n\n<p class=\"has-text-align-left has-medium-font-size\"><br>\u2022 Commercial and residential projects, which include plot developments.<br>\u2022 The project is measuring more than 500sq. Meter or eight units.<br>\u2022 Projects which do not have a completion certificate.<br>\u2022 Projects for renovation, repair not involving re-allotment, marketing, advertising, or selling.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>Impact of RERA on:<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>Builders-<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"467\" class=\"wp-image-313\" style=\"width: 700px;\" src=\"https:\/\/grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-scaled.jpg\" alt=\"\" srcset=\"https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-scaled.jpg 2560w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-300x200.jpg 300w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-1024x683.jpg 1024w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-768x512.jpg 768w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-1536x1024.jpg 1536w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-02-3-2048x1366.jpg 2048w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>According to RERA, builders have to register properties above 500sq. Meter or 8units. Under the act, they also have to do away with terms like built-up area. The property will be sold based on carpet area and any structural defect within five years of handling the building to the buyer; the developer will be liable. It is compulsory to register any new project before the commencement.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>Brokers-<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"467\" class=\"wp-image-312\" style=\"width: 700px;\" src=\"https:\/\/grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-scaled.jpg\" alt=\"\" srcset=\"https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-scaled.jpg 2560w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-300x200.jpg 300w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-1024x683.jpg 1024w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-768x512.jpg 768w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-1536x1024.jpg 1536w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-03-4-2048x1366.jpg 2048w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>Due to the unorganized planning of real estate in India, RERA came into effect and made it compulsory for every broker to be registered before engaging in any project. Only licensed brokers can carry out the business of real estate. They are also required to provide complete and confirmed information to the buyers. Any false intention will be penalized by RERA.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>Buyers-<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"700\" class=\"wp-image-314\" style=\"width: 700px;\" src=\"https:\/\/grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-01-3-scaled.jpg\" alt=\"\" srcset=\"https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-01-3-scaled.jpg 2560w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-01-3-300x300.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>They are the real king under RERA. Any wrongdoing against them by developers or brokers will cost the laters a high penalty. Delayed possession to the buyer also can cost them.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><br>Uttar Pradesh and RERA:<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"467\" class=\"wp-image-315\" style=\"width: 700px;\" src=\"https:\/\/grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-scaled.jpg\" alt=\"\" srcset=\"https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-scaled.jpg 2560w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-300x200.jpg 300w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-1024x683.jpg 1024w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-768x512.jpg 768w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-1536x1024.jpg 1536w, https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-05-3-2048x1366.jpg 2048w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>RERA ordered every state to have regulatory bodies, especially to solve disputes between buyers and builders within 60 days. Following the guideline, Uttar Pradesh RERA was established on March 10th, 2016, having two centres, one in Lucknow and the other in NCR. It includes real estate micro-market like Noida, Ghaziabad, Greater Noida, and many more. <\/p>\n\n\n\n<p class=\"has-medium-font-size\">The core value of UP RERA are:<br>\u2022 Accountability and transparency<br>\u2022 Equity<br>\u2022 Commitment<br>\u2022 Credibility<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br>UP RERA is deliberate to achieve the following objectives as soon as possible. These are:<\/p>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Allottees are responsible for building and protecting investors&#8217; trust in real estate.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Being fair and transparent by reducing fraud and project submission delays.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Take care of the standardization of PAN.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Building a proper communication bridge between the buyers and the sellers.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Entrusting the investors and developers with the responsibility to ensure everything is carried out significantly.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>Regulatory agencies are established with an oversight to manage the enforcement of the contracts.<\/li><\/ul>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\"><li>The reliable governors of the sectors are advanced to bring the confidence of the investors.<br>RERA has led to an increase in investments in real estate and encourages foreign investments too.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Real Estate Regulation (Development) Act 2016 came into effect on May 1, 2017. Under this act, the main aim was to increase investments in the real estate sector and create transparency between buyers and builders. Why has RERA become important? For many years, buyers complained about the transactions of the real estate being favourable&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/www.grandthum.com\/blog\/rera-and-its-impact-on-real-estate\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;RERA and its impact on Real Estate.&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[52,51,17,53,49,18,48,16,47,50],"class_list":["post-310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-brokers","tag-builders","tag-buildings","tag-buyers","tag-commercial","tag-office","tag-projects","tag-real-estate","tag-rera","tag-residential"],"blog_post_layout_featured_media_urls":{"thumbnail":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-150x150.jpg",150,150,true],"full":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",2560,1292,false]},"categories_names":{"187":{"name":"Real Estate","link":"https:\/\/www.grandthum.com\/blog\/category\/real-estate\/"}},"tags_names":{"52":{"name":"Brokers","link":"https:\/\/www.grandthum.com\/blog\/tag\/brokers\/"},"51":{"name":"Builders","link":"https:\/\/www.grandthum.com\/blog\/tag\/builders\/"},"17":{"name":"Buildings","link":"https:\/\/www.grandthum.com\/blog\/tag\/buildings\/"},"53":{"name":"Buyers","link":"https:\/\/www.grandthum.com\/blog\/tag\/buyers\/"},"49":{"name":"Commercial","link":"https:\/\/www.grandthum.com\/blog\/tag\/commercial\/"},"18":{"name":"Office","link":"https:\/\/www.grandthum.com\/blog\/tag\/office\/"},"48":{"name":"Projects","link":"https:\/\/www.grandthum.com\/blog\/tag\/projects\/"},"16":{"name":"Real estate","link":"https:\/\/www.grandthum.com\/blog\/tag\/real-estate\/"},"47":{"name":"RERA","link":"https:\/\/www.grandthum.com\/blog\/tag\/rera\/"},"50":{"name":"Residential","link":"https:\/\/www.grandthum.com\/blog\/tag\/residential\/"}},"comments_number":"0","wpmagazine_modules_lite_featured_media_urls":{"thumbnail":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-150x150.jpg",150,150,true],"cvmm-medium":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",300,151,false],"cvmm-medium-plus":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",305,154,false],"cvmm-portrait":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",400,202,false],"cvmm-medium-square":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",600,303,false],"cvmm-large":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",1024,517,false],"cvmm-small":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",130,66,false],"full":["https:\/\/www.grandthum.com\/blog\/wp-content\/uploads\/2021\/10\/image-06-4-scaled.jpg",2560,1292,false]},"_links":{"self":[{"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/posts\/310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/comments?post=310"}],"version-history":[{"count":3,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/posts\/310\/revisions"}],"predecessor-version":[{"id":408,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/posts\/310\/revisions\/408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/media\/316"}],"wp:attachment":[{"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/media?parent=310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/categories?post=310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.grandthum.com\/blog\/wp-json\/wp\/v2\/tags?post=310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}