RERA Puducherry

RERA Puducherry

The Regulations of RERA in Puducherry were officially announced on October 31, 2016, aligning with the Central Act. The prescribed fees for RERA registration for Real Estate Agents and Promoters were already delineated in these regulations.

Similar to RERA regulations in other states, those in Puducherry apply to ongoing, recently initiated, and forthcoming projects. Oversight of RERA within Union Territories, including Puducherry, falls under the responsibility of the Ministry of Housing and Urban Poverty Alleviation, an arm of the Indian Government.

Since the implementation of RERA regulations in the Union Territory, there has been a significant upsurge in real estate investments. Additionally, instances of real estate fraud and scams have notably diminished. Consequently, individuals are now purchasing homes, apartments, offices, etc., with confidence, free from concerns about falling victim to fraudulent activities. Thus, it can be affirmed that the RERA Act has indeed revolutionized the real estate sector.

Why You Should Prefer RERA Approved Projects in Puducherry

Here are some of the reasons why you must prefer RERA approved projects in Puducherry:

• Standardized Carpet Area Calculation: RERA mandates a uniform method for calculating the carpet area, preventing developers from inflating prices through deceptive calculations.

• Mitigated Developer Insolvency Risk: To protect against developer insolvency, 70% of buyer funds must be deposited into a separate escrow account. This account is only accessible upon verification of project milestones, ensuring the funds are used for the intended purpose.

• Limited Advance Payment Requirement: RERA limits the maximum advance payment that developers can collect from buyers to 10%. This eases the financial burden on buyers during the initial stages of the purchase.

• Defect Rectification Guarantee: Builders are obligated to rectify any structural defects or quality issues within a period of 5 years from the date of possession, at no additional cost to the buyer.

• Fair Interest Rates for Delays: RERA ensures fairness by mandating that both parties (buyer and developer) pay the same interest rate for any delayed payments.

• Compensation for Misrepresentation: If the delivered property does not match the promised specifications, buyers can claim a full refund with potential interest accrued on the invested amount.

• Protection from Title Defects: RERA offers robust protection against title defects. Buyers can claim unlimited compensation for any discovered title issues that may affect their ownership rights.

• Enhanced Transparency through Right to Information: Buyers have the right to access all project details, including plans, construction stages, and completion status. This transparency empowers buyers to make informed decisions.

• Grievance Redressal Mechanism: RERA establishes a platform for buyers to file complaints against developers or agents for any violation of regulations. The Act also provides the option to appeal to an Appellate Tribunal for further dispute resolution.
 

How to Check whether the Project is RERA Approved in Puducherry

Follow these steps to check if the project is RERA approved in Puducherry:

• Step 1: Visit the official website of RERA Puducherry. 

• Step 2: Click on “Live Projects” and select “List of Projects”

• Step 3: You will be redirected to a page enlisting all the approved projects in Puducherry. If you cannot find your property, chances are that it isn’t registered.

How to Register Complaint under RERA in Puducherry

Here's an easy step-by-step guide to register a complaint under RERA in Puducherry:

• Step 1: Visit the official RERA Puducherry website and select your preferred language (English or Hindi) under the “Complaints” section.

• Step 2: You will be directed to the complaints registration form where you will need to fill the necessary details.

• Step 3: Fill out the details and make the necessary payment for the submission of the complaint, all of which can be done online on the same page.

• Step 4: Finally, click on “Submit.”

FAQs

Here are some of the frequently asked questions about RERA Puducherry:

1. Is RERA applicable to all real estate projects in Puducherry?

Similar to other state RERAs, the rules set by the Real Estate Regulatory Authority (RERA) in Puducherry apply to all ongoing, recently initiated, and future projects.

2. How does RERA ensure transparency in real estate transactions?

RERA serves to help homebuyers by guaranteeing openness, responsibility, and safeguarding their rights. It ensures that detailed project information is available, oversees pricing, and requires projects to be completed on time. This means that buyers have stronger legal options and a simpler way to resolve disputes if any issues arise.

3. What is the process for registering a real estate project under RERA in Puducherry?

Registration of property under RERA in Puducherry cannot be done online. You will need to visit the official RERA Puducherry website and download forms “A” and “B” found under the “Downloads” section. These forms must be then filled duly and submitted offline to the authority, along with the fees.

4. What are the penalties for delayed possession of a property by the developer?

A builder may face a maximum penalty of three years' imprisonment or a fine equivalent to 10% of the estimated project cost under RERA regulations for delays in delivering possession.

5. What happens if a developer fails to register their project under RERA in Puducherry?

If developers neglect to register with the Real Estate (Regulations and Development) Authority by July 31st, all of their ongoing and under-construction projects will be considered unauthorized constructions. Consequently, they will forfeit the privilege to promote or advertise their projects and will constantly face the risk of government-ordered demolition.

Disclaimer

The content on this page, including rates, charges, fees, commissions, brokerages, etc. is provided for informational purposes only and may not be entirely accurate/updated. It is compiled from various online sources and is subject to change. To make informed decisions, kindly consult with a relevant professional.