10-04-2021, 04:59 PM
· RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
· The sale of property will be based on carpet area and not on super built-up area.
· Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
· Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the
· construction progress
· Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
· Builders require to submit the original approved plans for their project and the alterations made to RERA
· Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay
· Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
· Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he
· fails to do so, the buyer is entitled to receive the compensation under RERA
· Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement
· Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
· The buyer can contact the developer in writing within 1 year of taking possession to demand for the shortcomings in the project.
Click here to know more - RERA Registration
· The sale of property will be based on carpet area and not on super built-up area.
· Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
· Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the
· construction progress
· Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
· Builders require to submit the original approved plans for their project and the alterations made to RERA
· Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay
· Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
· Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he
· fails to do so, the buyer is entitled to receive the compensation under RERA
· Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement
· Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
· The buyer can contact the developer in writing within 1 year of taking possession to demand for the shortcomings in the project.
Click here to know more - RERA Registration