RERA Compliance

The Real Estate (Regulation and Development) Act, 2016(“RERA”) is a landmark consumer protection law enacted by the Parliament of India to regulate the real estate sector, ensure transparency, and protect home buyers. RERA came into force on May 1, 2017.

Key objectives of RERA include:

• Mandatory registration of real estate projects and agents
• Disclosure of project information to buyers
• Prohibition of advance booking beyond 10% without registration
• Timely delivery of possession to buyers
• Establishment of state-level Real Estate Regulatory Authorities and Appellate Tribunals

Property transactions on Nest-Scout are facilitated through Nishant Kapoor, a real estate agent registered with the Haryana Real Estate Regulatory Authority under Section 9 of the Real Estate (Regulation and Development) Act, 2016.

Nest-Scout Advisory itself is a discovery and advisory platform; the registration above belongs to the individual registered agent through whom transactions are facilitated. Projects listed on the platform carry their own project RERA registration, issued by the relevant state authority and displayed on the listing where available.

Nest-Scout lists only projects that are verified to be RERA-registered or are in active pre-registration phases with disclosures. For each listed project:

• We collect and display the developer’s RERA project registration number where available
• We verify the registration is active and not lapsed at the time of listing
• Projects in the planning or pre-RERA phase are clearly marked with appropriate disclaimers
• Buyers are encouraged to independently verify project status at the relevant RERA portal before making any payment

Buyers’ Advisory: Always demand the RERA registration certificate and project registration number from the developer before signing any agreement or making a booking amount payment.

As a home buyer, RERA affords you the following rights:

• Right to Information: Developers must disclose project plans, land status, approvals, and financials on the RERA portal.
• Right to Timely Possession: Developers must deliver possession by the registered date or pay interest at SBI’s highest marginal cost lending rate plus 2%.
• Right to Refund: In cases of project delay or structural defect within 5 years, buyers have the right to withdraw and obtain a full refund with interest.
• Right to Quality Construction: Developers are liable for structural defects for 5 years post-possession.
• Right to Complaint: Buyers can file complaints against developers or agents directly with the RERA authority.

As required of a RERA-registered real estate agent, all transactions facilitated through Nest-Scout adhere to the following obligations:

• Facilitating transactions only for RERA-registered projects (or pre-registration projects with appropriate disclosures)
• Maintaining books of accounts, records, and documents as prescribed under RERA for a minimum of 5 years
• Not misrepresenting any property or project to prospective buyers
• Displaying the agent’s HRERA registration number on marketing materials, advertisements, and digital platforms
• Disclosing all material facts about a property including pending litigation, encumbrances, and defects known to us
• Adhering to the Code of Conduct for real estate agents as prescribed by the relevant RERA authority

If you have a complaint or grievance related to a property transaction facilitated through Nest-Scout, you may escalate through the following channels:

Nest-Scout complies with the Prevention of Money Laundering Act, 2002 (PMLA) and associated rules. As a reporting entity in the real estate sector, we undertake:

• Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures for transaction parties above prescribed thresholds
• Maintenance of records of transactions for a minimum of 5 years
• Reporting of suspicious transactions to the Financial Intelligence Unit — India (FIU-IND) as required

For all RERA-related queries, agent verification, or compliance concerns, please contact: