RERA REGISTRATION OF PROJECT

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RERA registration of a project refers to the mandatory registration of real estate projects with the respective state’s Real Estate Regulatory Authority. Here are some key points about RERA registration of a project.

Mandatory Requirement: Developers or builders are legally required to register their real estate projects with RERA before advertising or selling any part of the project.

Transparency: RERA registration promotes transparency by mandating that developers provide detailed project information, including project status, plans, approvals, and financial details, on the RERA website.

Timely Completion: Developers must adhere to project completion timelines specified during registration, reducing the risk of delayed possession for home-buyers.

Financial Discipline: A portion of the project's funds is deposited in a separate bank account to ensure that developers use the funds for the specific project, reducing the risk of fund diversion.

Redressal Mechanism: RERA provides a platform for homebuyers to raise grievances and seek remedies for issues related to the project, promoting interests of homebuyers. Penalties: Developers who fail to register their projects under RERA or violate its provisions can face penalties and legal consequences.

RERA REGISTRATION OF PROJECT

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