RERA Act Overview

The RERA Act was enacted by the Central Government in 2016 and was implemented in Maharashtra from 2017.

RERA makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters or eight apartments will have to register with the regulator before launching a project.

Every promoter shall make an application to the authority for registration of a real estate project.

Projects that:

• were ongoing on the date of commencement of this Act,
• are intended to be advertised for sale before an OC,
• are intended to be booked/sold before an OC,
• are for which completion certificate has not been issued

have to get registered with RERA. If a real estate project fails to register a property, it will attract a heavy penalty.