A "low interest" loan shouldn't mean you have very little interest in paying it back!
The Real Estate (Regulation and Development) Act, 2016, was implemented across the country to improve the real estate sector. As per the Act, all states and Union Territories are required to set up an authoritative body whose sole function will be to govern and regulate all real estate affairs in the state. This authoritative body is Real Estate Regulatory Authority (RERA) and since the Act came into effect, all the states in the country have already started working on it.
In states like Maharashtra and Punjab, RERA Act has already made a significant impact whereas, in certain regions, it is yet to gain momentum. Chandigarh is one such region where the RERA has been established, but it is yet to start firing on all cylinders. However, considering that the Act came into effect recently, it will take some time to achieve the desired effect.
Nonetheless, the rules concerning the governance of the real estate sector have been laid out by the Ministry of Housing and Urban Poverty Alleviation and they have to be followed by all the developers and real estate agents in the region.
For instance, real estate developers are required to register their ongoing and upcoming projects with Chandigarh RERA. This includes furnishing all the details and the corresponding documents comprising contact information, financial papers, project plans, development plans, land encumbrance details, title deed, et cetera. Furthermore, the promoters are required by law to update the information about the project on a regular basis.
Similarly, real estate agents are required to register with RERA Chandigarh. They have to submit their contact information along with the enterprise details, income tax returns and any other document specified in the rules.
The RERA is primarily responsible for the following:
It goes without saying that with the establishment of RERA in Chandigarh, prospective homebuyers in the city can go about purchasing a house confidently without worrying about frauds and delays. In case they find themselves in such a situation, they can always approach RERA and file a complaint.
In addition to this, an Appellate Tribunal will be set up to hear pleas on the verdicts delivered by RERA. This is for those people who are dissatisfied with the decisions/orders made by the Authority or an Adjudicating Officer.
In case of any queries, you can always approach the RERA officials at the address mentioned below. Alternately, you can also browse the Official Gazette published on the Chandigarh RERA website to understand all the rules and regulations concerning the real estate affairs in the city. A comprehensive list of the frequently asked questions can also be found on the site.
Real Estate Regulatory AuthorityOfficial website - https://www.rerafiling.com/rera-chandigarh.php
Phone Number: 0172 - 5139800-29
E-mail ID: helprera[at]punjab[dot]gov[dot]in
To register a real estate project with Chandigarh RERA, the following are the steps you should follow.
Your application for real estate project registration will be then processed.
Yes, all the rules mentioned in the Act are applicable to both - commercial and residential real estate.
At the time of registration, the promoter is required to disclose the project information, as specified in Section 4 and Section 11 of the rules published on the RERA website. After registering the real estate project with RERA Chandigarh, it is the promoter’s responsibility to update the project information on the portal on a quarterly basis. This is to help the buyer make an informed choice.
To file a complaint with Chandigarh RERA, simply visit the official website and select ‘Complaint Registration.’ Once there, follow the instructions and fill in the details as specified. You will also have to pay a fee for your application to be processed.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
