Prestige Primrose Hills has received required approval from RERA board and the corresponding RERA numbers are as follows:
RERA No. Phase 1: PRM/KA/REARA/1251/310/PR/200618/003453,
RERA No. Phase 2: PRM/KA/REARA/1251/310/PR/200618/003455
RERA approval is mandatory for any real-estate ventures after The Real Estate Regulation and Development (RERA) Act, 2016 was passed by Government of India. This is in line with the vast and growing economy of India that would help in seamless investments in the real estate sector with appropriate aid and governance from the RERA board. The main objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline.
Now lets us understand about RERA and what it means for a residential venture to be approved by RERA – the advantages and benefits it confers to both sellers and buyers.
RERA or the Real Estate Regulation and Development Act is a monumental legislation passed by Government of India with an objective of reforming the real estate sector by implementing greater transparency, citizen centricity, accountability and financial discipline. With this act, the government mandates
1. The registration of all real-estate projects and real estate agents who intend to sell any plot, apartment or building, with the Real Estate Regulatory Authority.
2. the public disclosure of details related to registered projects like promoter information, layout plan, plan of development works, land status, status of the statutory approvals, disclosure of proforma agreements, disclosure of names and addresses of real estate agents, contractors, architect, structural engineer etc.
3. the adherence to approved plans and project specifications as approved by competent authorities; Rectification of structural defects within two years of possession; Refund of money in cases of default;
4. the real estate Agents to sell properties registered with the Authority; Maintain books of accounts, records and documents;
RERA also defines the rights and duties of allotees. It gives the allotees the right to obtain stage-wise time schedule of project; Claim possession as per promoter declaration; Obtain refund with interest for default by the promoter. The duties of the allotees include making payments and fulfil responsibilities as per the agreement.
RERA authorises the formation of Real Estate Appellate Tribunal that can hear appeals from the orders of the Authority and the adjudicating officer. The Appellate Tribunal is to be headed by a sitting or retired Judge of the High Court with one judicial and one administrative/technical member;