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RERA certificate is a certification and license issued by Real Estate Regulatory Authority to the builders and agents. It is mandatory for all commercial and residential real estate project where the land is above 500 sq. meters or 8 departments, to apply for RERA registration for a launching project. The Real Estate Act, 2016 will finally give India’s real estate sector its first regulator from Monday, May 1, 2016. It is passed by parliament last year and Union ministery of Housing and Urban Poverty Alleviation had given time till May 1, 2017, express and notify rules for the actions of the regulator. RERA registration certificate pursues to fetch clarity and fair practices that would protect the interest of buyers and also enact punishments on wayward builders.According to RERA act, each Union territory and state will have its own controller and set of rules governing the operation of the controller. Although many states are behind on schedule for notification of RERA certification rules, many have alerted rules and a regulator will start functioning. Some of these states are Haryana, U.P and Maharastra. RERA agreement registration seeks to address issues like quality of construction, title, delays and other changes. If any buyers delay in projects than biggest issued faced.
Every broker will have to mandatory to registered with concerned state-level regulatory rights. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be changed afterwards. According to that RERA Act every promoter and agent selling property in different states of India has first got their projects with that state RERA authority If any Real estates fail to register, they will be liable for chargeable.