Haryana Rera(Rera Haryana): The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted by the Indian Parliament to regulate the real estate sector and protect the interests of homebuyers. RERA provides a framework for the timely completion of real estate projects, enhances transparency and accountability, and establishes a dispute resolution mechanism. The state of Haryana also implemented its own version of RERA, called the Haryana Real Estate (Regulation and Development) Act, 2017. This act aims to safeguard the rights of homebuyers, streamline the real estate sector, and encourage investment in the state’s real estate market. This outline will delve into the history, objectives, key provisions, impact, challenges, and future prospects of Haryana RERA.
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Overview of Haryana RERA
Haryana RERA (Rera Haryana) is a state-level law that regulates the real estate sector in Haryana, India. It was implemented in 2017, following the enactment of the National RERA Act in 2016. The Haryana RERA aims to provide a framework for the regulation and development of the real estate sector in the state while ensuring the protection of the interests of homebuyers. The act mandates the registration of real estate projects and agents, establishes the Haryana Real Estate Regulatory Authority (HRERA) as a regulatory body, and sets up a dispute resolution mechanism. The act also outlines the obligations of developers, including the timely completion of projects, and imposes penalties for non-compliance. The Haryana RERA Act covers residential and commercial real estate projects and applies to all ongoing Projects, under construction or completed. The act has had a significant impact on the real estate sector in Haryana, enhancing transparency and accountability and improving consumer confidence. However, it also faces challenges in its implementation, which need to be addressed to ensure its long-term success.
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Objectives of Haryana RERA (Rera Haryana)
The objectives of the Haryana Real Estate (Regulation and Development) Act, 2017 are:
Protection of homebuyers’ rights:
The act aims to protect the rights of homebuyers by providing a legal framework that regulates the real estate sector in the state. The act mandates the registration of real estate projects and agents and provides for establishing a dispute resolution mechanism to resolve disputes between developers and homebuyers.
Boosting transparency and accountability in the real estate sector:
The act aims to promote transparency and accountability in the real estate sector by mandating that developers provide detailed information about their projects, including the timeline for completion, the status of approvals, and the layout plans. The act also requires developers to disclose any changes to the project’s original plans.
Timely delivery of projects:
The act aims to ensure that real estate projects are completed within the agreed timelines and developers are held accountable for delays in the completion of projects. The act provides for penalties and compensation to homebuyers in case of delays or non-compliance by developers.
Encouraging investment in the real estate sector:
The act aims to promote investment in the real estate sector in Haryana by providing a transparent and regulated framework for real estate transactions. The act also establishes a real estate regulatory authority that can provide guidance and support to investors and developers.
Overall, the Haryana RERA Act aims to create a level playing field for all stakeholders in the real estate sector and promote the growth and development of the sector while ensuring the protection of homebuyers’ interests.
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Key provisions of Haryana RERA (Rera Haryana)
The key provisions of the Haryana Real Estate (Regulation and Development) Act, 2017 are:
Registration of real estate projects
Developers must register their real estate projects with the Haryana Real Estate Regulatory Authority (HRERA) before advertising, marketing, or selling the project. The registration process includes providing detailed information about the project, such as the completion timeline, approvals status, and layout plans.
Registration of real estate agents
Real estate agents must also register with the HRERA before facilitating the sale or purchase of any real estate project in Haryana.
Establishment of HRERA
The act provides for establishing the Haryana Real Estate Regulatory Authority (HRERA) as a regulatory body to monitor and regulate the real estate sector in the state. The HRERA can impose penalties and take action against developers and agents for non-compliance with the act’s provisions.
Obligations of developers
The act imposes certain obligations on developers, such as completing the project within the agreed timeline, using appropriate construction materials, and ensuring compliance with building codes and regulations.
Escrow account
The act mandates that developers maintain a separate escrow account for each project, into which at least 70% of the amounts realized from homebuyers for that project must be deposited. This provision ensures that the funds received from homebuyers are utilized for the specific project and not diverted to other projects.
Dispute resolution mechanism
The act establishes a dispute resolution mechanism for developers and homebuyers. The mechanism includes adjudication by the HRERA, a designated appellate tribunal, or alternative dispute resolution mechanisms such as mediation or conciliation.
Penalties and compensation
The act penalizes developers for non-compliance with the act’s provisions, such as failure to register the project or delayed completion. The act also compensates homebuyers in case of delays or non-compliance by developers.
Overall, the key provisions of the Haryana RERA Act aim to promote transparency and accountability in the real estate sector, protect the interests of homebuyers, and ensure the timely completion of real estate projects.
Impact of Haryana RERA (Rera Haryana) on the real estate sector
The Haryana Real Estate (Regulation and Development) Act, 2017 has had a significant impact on the real estate sector in Haryana. Some of the key impacts are:
Increased transparency
The act has increased transparency in the real estate sector by mandating that developers provide detailed information about their projects, including the timeline for completion, the status of approvals, and the layout plans. This has enabled homebuyers to make informed decisions and reduced the possibility of fraud and misrepresentation.
Improved accountability
The act has improved the accountability of developers by mandating the registration of real estate projects and agents and by imposing penalties for non-compliance with the act’s provisions. This has encouraged developers to comply with the regulations and ensure timely completion of projects.
Reduction in project delays
The act mandates that developers complete their projects within the agreed timeline, failing which they can be penalized. This has reduced project delays and enabled homebuyers to take possession of their homes on time.
Boost in consumer confidence
The act has boosted consumer confidence in the real estate sector by providing a legal framework that protects the rights of homebuyers. This has encouraged more people to invest in real estate in Haryana.
Increased investment
The act has attracted more investment in the real estate sector in Haryana by providing a transparent and regulated framework for real estate transactions. This has boosted the growth and development of the sector.
Overall, the Haryana RERA act has positively impacted the real estate sector in the state by promoting transparency, accountability, timely completion of real estate projects, and protecting the interests of homebuyers.
Haryana Rera (Rera Haryana) Registration
Suppose you are a real estate developer in Haryana. In that case, you must register your real estate project with the Haryana Real Estate Regulatory Authority (HRERA) under the provisions of the Haryana Real Estate (Regulation and Development) Act, 2017. Here are the steps to register your project with the HRERA:
- Go to the official website of HRERA Haryana (https://haryanarera.gov.in/) and create an account by providing your personal and contact details.
- Once you have created an account, you can log in to the portal and fill in the online application form to register your project.
- Provide all the details about the project, including the name, location, layout, and the proposed timeline for completion.
- Upload all the required documents, including the project plan, land documents, and building approvals.
- Pay the registration fee online through the portal based on the project size.
- Once you have applied, the HRERA will review it and either approve or reject it based on compliance with the provisions of the Haryana RERA.
- If your application is approved, you will receive a registration number and a certificate of registration that you can display on your project site and in all marketing materials.
It is important to note that registering a real estate project with the HRERA is mandatory and failure to comply can result in penalties and legal action.
Haryana Rera (Rera Haryana) Fees
The Haryana Real Estate Regulatory Authority (HRERA) charges fees for various services related to registering real estate projects, agents, and complaints. Here are some of the key fees charged by the HRERA in Haryana:
- Project registration fee: The registration fee for a real estate project in Haryana is based on the project size. For projects up to 1,000 square meters, the fee is Rs. 10,000. For projects larger than 1,000 square meters, the fee is Rs. 20,000 plus Rs. 5 per square meter of the project area.
- Agent registration fee: Real estate agents in Haryana must register with the HRERA by paying a fee of Rs. 10,000.
- Complaint filing fee: Homebuyers and other stakeholders can file complaints with the HRERA against developers and agents. The fee for filing a complaint is Rs. 1,000.
- Renewal fee: The registration of a real estate project or agent is valid for a period of 5 years. After that, it can be renewed by paying a fee of Rs. 5,000 for a project and Rs. 2,500 for an agent.
It is important to note that these fees are subject to change from time to time, and it is advisable to check the official website of HRERA for the latest fee structure.
Conclusion
In conclusion, the Haryana Real Estate (Regulation and Development) Act, 2017 has brought about positive changes in the real estate sector in the state. It has increased transparency and accountability, reduced project delays, boosted consumer confidence, and attracted more investment. However, some challenges need to be addressed, such as effective enforcement, awareness, and capacity building. The HRERA can potentially transform the real estate sector in Haryana, and the government needs to continue its efforts to strengthen the regulatory framework and improve its implementation. Despite the challenges, the Haryana RERA (Rera Haryana) has set a positive example for other states in India to follow in promoting a transparent and regulated real estate sector.
FAQs
What is the Haryana RERA?
The Haryana Real Estate (Regulation and Development) Act, 2017 is a state-level legislation that aims to regulate and promote transparency in the real estate sector in Haryana.
What is the role of the HRERA under the Haryana RERA?
The HRERA is responsible for the registration of real estate projects and agents, the resolution of disputes between homebuyers and developers, and the enforcement of the provisions of the Haryana RERA.