All residential projects and estate agents will also have to be registered with the regulatory authorities by 31 July. Each state and union territory will have its own regulatory authority which will implement rules and regulations as per the Act. The real estate sector got its regulatory RERA from May 1, 2017 and became functional across the country. But in fact, not all state governments have actually notified the rules in their state and many have weakened certain provisions of the law.
A total of 14 states and union
territories have notified the rules so far, while another 14 are in the
advanced stage of notifying it. States have given a further 3 month grace
period from May 1, 2017, to notify their respective RERA regulations and form a
regulator.
But still, there are a lot of ideas on its applicability and
scope. One such aspect is the absence of compulsory business certificates and
completion certificates.
As per RERA rules, all ongoing, as well as under construction
projects which have not yet received completion certificates, will have to
register with their respective regulatory authorities by 31 July 2017. All
projects will come with a minimum plots size of 500 sq meter or under the limit
of 8 apartments act. The Act completes projects within the scope of the Act.
Now a question comes in our mind that what if a project has
not got the Occupation Certificate but the Completion Certificate?
All such projects which are ongoing and under construction,
for which the completion certificate has not been issued, the builder /
developer shall make an application to the authorities within 31 July from the
date of commencement of this Act.
All units are required to obtain a completion certificate
before 31 July, even if the housing society is 100% occupied and all units are
sold. The completion certificate is a legal document proving that the
construction and safety of the new building has been completed in accordance
with the rules and regulations.
In section 3 (1) of the RERA Act, which explicitly states
that no developer should sell their units after May without obtaining RERA
registration, a project completion certificate may be material completion but a
project of society The Housing Welfare Association does not meet until the
formation and operation is handed over to the society as per RERA.
Therefore, now buyers in such projects have a much clearer picture of when they can expect possession, and what their legal recourse will be if the developer fails to deliver the project on time. This also applies to the facilities and facilities mentioned in the sale deed, from which there can be no deviation unless all buyers of the project agrees to such changes.
