Delhi RERA mandates registration for property given on lease
Real Estate Regulatory Authority of Delhi has made it mandatory for developers to register the project even in the case where the intention is to lease the area and not sell it.
Currently the developer cannot sell without registration of project with RERA if it is being developed on more than 500 sq metre area or the number of unit is more than 8.
Delhi RERA on Monday has clarified that the commercial projects both office and retail comes under the ambit of RERA even if the developer wants to lease it.
“The definition of allottee in the RERA Act is clear and covers the property given on rent as well. In Delhi most of the government body give land on lease and the developer also further lease it.
In such cases, RERA registration is mandatory,” said Delhi RERA chairperson Anand Kumar.
Bharti realty recently announced that the company plans to create approximately 6.5 million square feet of office and retail space as part of the second phase of Aerocity's development.
This project will be on lease and will now come under the ambit of RERA.
Delhi metro also give land on lease where developers such as Eldeco, Pacific and Unity group have developed projects.
“Most of the developer who give property on lease, do it for short term and that too after the completion of the building. The primary objective of RERA is to ensure timely delivery to buyer, which in case of lease is not applicable.
