Introduction: This article discusses in details about the exemptions from registration of real estate project under RERA (Real Estate Regulation and Development Act, 2016).
Following real estate projects are exempted from registration requirements under RERA:
1. Where the area of land proposed to be developed does not exceed 500 sq meters or the no. of apartments proposed to be developed does not exceed 8 inclusive of all phases.
If the State / UT Govt. considers to be necessary, it may reduce the threshold limit of 500 meters or 8 apartments for exemption from registration under this Act.
2. Where the promoter has received completion certificate for a real estate project prior to commencement of this Act.
3. Where the real estate project is for the purpose of renovation or repair or redevelopment which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building.
4. Any real estate project outside the boundary of Planning Area.
However, if the RERA authority thinks necessary in the interest of allottees for the real estate projects being developed outside the boundary of Planning Area, may by order, direct the promoter of such project to get the project registered under RERA and all the provisions of this Act, rules or regulations made there under shall apply to such projects from that stage of registration.
The author is a practising CA and is registered Insolvency Professional. He can be reached at firstname.lastname@example.org, Mob. +91 9953587496.