The real estate sector got its own regulator RERA from May 1, 2017, and became functional in the whole country. But in reality, not all the state Government have actually notified the rules in their respective state and many have even weakened some of the provisions of the Law. A total of 14 states and Union territories have notified this rules till now, while other 14 are in advance stages of notifying it. The states have given another 3 months grace period starting May 1, 2017, for notifying their respective RERA rules and form a regulator.

All residential projects and property agents also have to be registered with regulatory authorities by July 31. Each state and Union Territory will have its own Regulatory Authority which will act and frame rules and regulations according to the act.

But still, there is a lot of ideas on its applicability and scope. One such aspect is the absence of mandatory Occupancy Certificate and Completion Certificate.

As per the RERA rule, all ongoing, as well as under-construction projects that have not yet received a completion certificate, have to get registered with their respective regulatory authorities till July 31, 2017. All projects with a plot size of minimum 500 sqm or 8 apartments will come under the limit of the Act. The Act exempts completed projects from the purview of the Act.

Now a question comes to our mind that what would happen if a project has got an Occupation Certificate but not Completion Certificate?

All such projects that are ongoing and under construction for which the completion certificate has not been issued, the builder/developer shall make an application to the authorities for registration of the said project within July 31 from the date of commencement of this Act.

All units need to get completion certificates before July 31st even if the housing society is 100% occupied and all units have been sold. A completion certificate is a legal document that proves that the new building has been constructed and completed as per safety rules and regulations.

In section 3(1) of the RERA Act, which clearly says that no developer should sell their units without obtaining RERA registration after May, a project completion certificate may be physical completion but a project is not completed till the Residential Welfare Association of the society is formed and operations handed over to the society in line with the RERA.

So, now buyers into such projects have a very clear picture of when can expect possession, and what their legal recourse if the developer fails to deliver the project on time. It also applies to amenities and facilities mentioned in the sales deed, from which there can be no deviation unless ⅔ rd of all buyers in the project agree to such changes.