The RERA Act Rajasthan was implemented soon after the bill was passed by the central government. It was constituted on March 6, 2019, and its website was launched on June 1, 2017. With this act, the state government aims to bring transparency to the real estate sector and make the market more customer-friendly. Apart from creating a safe environment for investment, it provides an open platform for homebuyers to register their complaints. RERA Rajasthan requires all builders and developers to register themselves and submit their project details. If you are interested in buying a property in Rajasthan, then you must know the following facts about the Raj-RERA.

1. Real Estate Projects Registration- The RERA Rajasthan makes it compulsory for all commercial and residential real estate companies to register their projects. Without registering with RERA, the company cannot advertise, market, book, sell any plot, apartment, or house.
2. A penalty in case of avoiding the registration- If any real estate builder fails to register as per the Act, he/she shall be charged with a penalty which may extend up to ten percent of the estimated cost of the project. In case of violating the RERA Act further, the builder shall be punishable with imprisonment for a term of three years or lesser. Alternately, the builder has to pay a fine which may extend up to a further ten percent of the estimated cost of the real estate project.
3. Real Estate agents’ registration- With the implementation of RERA, a homebuyer or a prospective tenant can easily differentiate between a reputed and a fraud agent. Under this act, every real estate agent has to register with the RERA. The act states that no real estate agent shall facilitate the sale or purchase of a property without obtaining registration under this section.

However, if an agent still carries out a business without registering with RERA, then he/she may be charged with a penalty of ten thousand rupees for every day during which such default continues. And, this fine may cumulatively extend up to five percent of the cost of the plot, apartment, or buildings.

4. Filing of the complaint by the customer- Any aggrieved person may file a complaint with Rajasthan RERA or the adjudicating officer for any violation of the provisions of this Act or the rules and regulations. In some cases, the Raj. RERA shall establish an adjudicating mechanism for speedy redressed of the complaints.

If a consumer is not satisfied by any direction or order made by Rajasthan RERA, he/she may file an appeal with the High Court.

5. Financial discipline- The act states that a real estate developer or a promoter shall not accept more than ten percent of the cost of an apartment, plot, or house as an advance payment without entering into a written agreement for sale. Plus, seventy percent of the amount realized from the allottees shall be deposited in a separate account. This money shall only be used to cover the cost of construction and the land cost for that purpose.

6. Transparency- The Act states that the details about the registered projects shall be available online for citizens. The sanctioned plan should match the exact construction. And, if the proposed plan and the flat’s exact layout do not match, then the consumer is not liable to buy the property. In case a developer does this, he/she shall pay the entire amount invested by the buyer. Plus, he/she will be required to pay a compensation amount to the buyer.

7. Citizen Centricity- The RERA preserves certain rights for the consumer. Under this act, the buyer can seek detailed information about the property. The promoter or agent cannot make any additions or alterations in the sanctioned plans, without the consent of at least two-thirds of the allottees. If the real estate developer fails to complete the project within the stipulated timeline, he/she shall be liable to pay interest for every month of delay.

The quality of construction has been the biggest concern for many homebuyers. Therefore, RERA states that in case of any structural defect or poor quality construction, it will be the responsibility of the developer to rectify such defects.

Conclusion:– RERA has brought transparency to the real estate market in Rajasthan. By regulating the process of property construction and sale, it has brought more consumer-centricity to the industry. Plus, by creating the provisions for the penalty in case of failing to register a property and wavering from the project layout, the consumers feel more secure while investing in a property.

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