What RERA requires from plot promoters

The Real Estate (Regulation and Development) Act, 2016 sets obligations for promoters of registered projects, including plotted developments.

• Registration before marketing: projects covered by the Act must be registered before they are advertised or sold.
• Disclosure: the promoter uploads approvals, plans, title details and a completion timeline to the authority’s website.
• Separate account: a large share of money collected from buyers (70% under the Act) must be kept in a separate account and used for the project.
• Updates: the promoter must update project progress on the authority’s website.
• Advance limit: the promoter cannot take more than 10% of the cost as an advance without first executing a registered agreement for sale.
• Delay remedies: buyers can seek refund with interest, or interest for delay, under the Act.