RERA

RERA is the central law that regulates the sale of under-construction real estate in India. Each state runs its own authority under it, such as MahaRERA in Maharashtra, K-RERA in Karnataka and H-RERA in Haryana, with its own rules and forms.

For a developer, the main obligations are:

• Register a project before advertising, marketing, booking or selling (Section 3). Projects on land up to 500 sq m, or with up to eight apartments across all phases, are exempt.
• Deposit 70% of the money collected from buyers in a separate bank account, used only for land and construction cost of that project (Section 4(2)(l)(D)).
• Update project details on the authority's website every quarter (Section 11).
• Do not take more than 10% of the cost as an advance before signing and registering an agreement for sale (Section 13).
• Deliver possession on time or pay interest or refund with interest (Section 18).

For a sales team, RERA shapes every conversation: what you can advertise, how you state area, how much you can collect at booking, and what you promise on possession dates.