In 2024, RERA (Real Estate Regulatory Authorities) across India had stepped up their game to protect homebuyers with landmark decisions that are shaking up the real estate sector, here are the biggest RERA moves this year that you need to know about!
Parking Details Now Mandatory In Sale Agreements And Allotment Letters
In 2024, MahaRERA directed real estate developers to include specific details about parking spaces—whether allotted or sold—in the sale agreement. The authority also mandated the issuance of an allotment letter to ensure clarity and prevent future disputes.
UP-RERA Cracks Down on Non-Compliant Projects
UP-RERA has taken a bold step by flagging 400 projects as "in abeyance" for failing to upload essential land and map documents on the portal. Developers have been on notice since 2018, and now strict actions are being enforced.
Gujrera's New Bank Rules For Developers
Gujarat is leading the way with a revolutionary new rule: Starting January 1, 2025, developers must maintain three separate bank accounts for each project to ensure total financial transparency. No more dodgy withdrawals or misused funds—this move will prevent unauthorized withdrawals from buyers’ payments.
MahaRERA Issues Key Guidelines for Senior Citizens' Housing
In May 2024, MahaRERA became the first housing regulatory body in India to introduce guidelines specifically for senior citizens' housing. These guidelines cover essential aspects like design, accessibility, mobility, safety features, and green principles to ensure the well-being of retired citizens. Developers are now required to include these provisions in the Agreement for Sale and other key documents, ensuring transparency and adherence to the new standards for senior living projects.
Odisha’s New Rule for Structural Repairs
Odisha has introduced a groundbreaking rule that requires developers to set aside 1% of the project cost in a RERA-designated account for five years after completion to cover structural repairs. This is a game-changer in ensuring that homebuyers don’t get stuck with costly repairs after moving in.
UP-RERA’s QPR Filing: No Late Fees for O.C./C.C. Uploads!
Big news for developers: UP-RERA has clarified that no late fees will be charged for uploading Occupation Certificates (O.C.) or Completion Certificates (C.C.), even if the project's registration period is still valid. However, if Quarterly Project Reports (QPRs) are pending, they must be filed before any new reports can be submitted. So, keep those reports up to date to avoid penalties.
K-RERA Orders Buyers' Association to Complete Delayed Project
In a historic ruling, K-RERA has empowered a buyers' association to take over a stalled project after the developer failed to deliver on time. The association will use Rs 4.3 crore collected from the sale of mortgaged apartments to complete the project. This is a massive win for homebuyers, ensuring they’re not left in the lurch by non-performing developers.
MahaRERA Enhances Transparency for Homebuyers
In July 2024, MahaRERA, responding to a surge of complaints from homebuyers regarding delayed or mismatched amenities, implemented a crucial directive. This directive mandates that developers explicitly outline the delivery schedule, dimensions, and precise location of all amenities within their agreements with homebuyers. This move aims to enhance transparency and accountability within the real estate sector, ensuring that homebuyers receive the amenities they were promised and preventing future disputes arising from unmet expectations.
Pre-Launch Offers Deemed Illegal
TS-RERA has declared pre-launch offers illegal, deeming them a violation of RERA rules. These offers, often used to entice buyers with attractive deals before necessary approvals, are now strictly prohibited. Developers found engaging in this practice face severe penalties, including fines up to 10% of the project's total cost.
RERA's bold moves in 2024 highlight its growing power to hold developers accountable and protect home buyers' rights. With new rules on financial transparency, stricter regulations on delays, and enhanced transparency measures, RERA is reshaping the real estate landscape across India. As RERA tightens enforcement, 2025 promises even stronger oversight, keeping homebuyer trust and security at the forefront of the sector.
