RERA/ Importance of RERA/ Best law firm in Coimbatore/ Best advocates in Coimbatore/Best law service in Coimbatore/ Best legal consultation in Coimbatore/ Best legal services in Coimbatore/ Best lawyers in Coimbatore/ Online legal consultation. Real Estate Regulatory Authority also known as RERA is an act for the promotion and regulation of the real estate sector for the sale of apartments, plots, or buildings in a hassle-free manner. It was enacted by the Parliament in May 2016. This act aims to secure the interest of the buyers and protect them from fraudulent sellers. Each state set up the Real Estate Regulatory Authority to regulate real estate development. The provision applies to both commercial and residential properties. RERA aims to bring relief to the home buyers and the builders will be held responsible for the delivery of the projects on time thus it develops trust between the buyers and the sellers. → Brings transparency and accountability to the real estate sector. → Minimizes delay and fraud in work → Protects the interest of buyers → Builds trust among the buyers and sellers The Real Estate act makes it compulsory for all residential and commercial real estate projects where the land is over 500 square meters, to register itself with the Real Estate Regulatory Act for starting a project. This provides greater transparency in the project and thus helps to complete the project without many hindrances. Any project which is ongoing and has not been certified with the completion certificate will have to seek registration within six months. Followed by which application must be either approved or rejected within 30 days from the date of application by the Real Estate Regulatory Authority (RERA). On successful registration, the builder or the promoter will be provided with a registration number, a login id, and a password for the applicants to fill up the required details on the website of RERA whereas the failure of registration would lead to a penalty of up to 10 percent of the project cost or with the imprisonment of three years. We at Saanvika Legal Associates offer various legal services such as Trust deeds, Financial law, Insurance law, and other laws including Environment, Consumer, Property, Banking, Tax, Cyber Constitutions, Labor, Civil, Criminal, Family, Property, registration, Getting nocs, and so on. Also, you can consult all aspects related to Legal notice, documentation, Legal registration, Property organization, forming companies, Family legal consultation, Civil and Criminal legal consultants, and Litigation of finance and property.