What is Rera ACT?

RERA, which is the Real Estate Regulatory Authority, was established under the Real Estate (Regulation and Development) Act, 2016, with the aim to regulate the real estate sector and address the issues faced by home buyers. 

The real Estate Regulatory Authority (RERA) Act was launched on the 1st of May 2017 and is aimed at protecting the interests of buyers in the real estate sector and establishing an arbitrating mechanism for speedy dispute readdress.

Which projects are exempt from the Rera act?

According to section 3(2)(a) of the Rera act, In which the area of land proposed to be developed does not exceed 500 square meters Or the number of apartments, not more than eight(8) will be exempt from the Rera act.

Also if your area is below 4500 sq ft then you don't have to register for RERA act you can develop your project in single account which you open in any bank

Let's Revise the previous Rera act:-

In the previous, If a customer wants to open a Rera account there is a case

1st account is Master ac 100% will split fund in below 2 different accounts.

2nd account is RERA Ac carrying 70% fund.

3rd account is the Regular Current Account which carries a 30% fund that builders use for property expenses.

New changes in Rera Act (Jul 2022):-

Rera Act is divided into 2 parts

1. Relaxed and Non-relaxed States Non-Relaxed States - Diu and Daman, Maharashtra, Odisha, Haryana, Madhya Pradesh, Uttar Pradesh, Chattisgarh, Jharkhand, Dadra, and Nagar Haveli, Panjab.

• Now In RERA (70%) - Of customers will not transact from branch or online. 
• If customers want to use this fund they required a Customer request letter and certificate from a Chartered accountant, and also Architect and engineer will also involve in each withdrawal.
• I will not receive cheque book.

2. Relaxed States - All states other than non-relaxed. 

• In this states customer will open a RERA account and use all 70% fund by just providing a request later on the company's later head.

We will post another information about the Revised RERA act for our customers.

Thank you for reading.

Happy Banking.

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