Delhi RERA Makes Registration of Commercial Projects Mandatory

New Delhi:

The Real Estate Regulatory Authority of Delhi has made it mandatory for developers to register their ventures, even if the property will be leased and not sold.

Currently, a developer cannot sell a property without registering the project with RERA if the property is being developed on more than 500 square metres or if there are more than eight units.

Delhi RERA clarified that both office and retail commercial ventures fall under the purview of RERA, even if the developer intends to lease them.

Bharti Realty recently announced that, as part of the second phase of Aerocity's development, the company intends to construct approximately 6.5 million square feet of office and retail space. This facility is now subject to RERA because it will be leased. 

Eldeco, Pacific, and Unity Group have developed projects on land leased by Delhi Metro.

The majority of developers who lease out property do so for a brief duration, and only after the building is completed.

The primary objective of RERA is to ensure timely delivery to the buyer, which is not applicable in the case of a lease, according to Harsh Vardhan Bansal, chairman of the CM Delhi subcommittee on Infrastructure, Real Estate, and Urban Development and co-founder of Unity Group.