Important Facts about RERA
RERA Stands for Real Estate Regulations Act. This act was introduced in 2016 to protect the interests of home buyers. The main aim of RERA is to provide relief to the buyers from the misbehaviour of unfair builders.
1. RERA Act applicable to both commercial and residential projects
This law will apply to both commercial and residential projects. Money transactions will be monitored completely if you are making space for the shop etc. in the commercial project, the interests of the customers will be protected in this bill.
2. Maintaining transparency is necessary
After the implementation of this law, the builders had to keep every activity related to the project transparent, first buyers knew only the things that the builders used to tell them, but now all the necessary and minorities related to the project through the website of the concerned authority Information will continue to be received by customers
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3. Sales will not be in the super area but on the carpet area
According to the Real Estate Law, the sale of the project will not be done on the super area but on the corporate area, if there is a delay in position or a builder in construction, the builders have to give both interest and fines.
4. 70% of the amount will be kept in the bank
The important thing about the bill is that 70% of the amount that the builder is taking from the customers, the builders will have to be deposited separately in the bank; this money will be used only for the construction work only.
5. The Authority will have to give complete information
The full information of the registered project is required to be given to the Authority, under the law it has now become necessary that the date of completion of the project is given. Based on delays in designation or conviction in construction, the builders have to give both interest and fines.
6. Now you will get home at the time
The first builders used to put this money in another project, which delayed the earlier projects and the customers could not get the house at the time fixed, but now it will not be so with the implementation of this law.
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7. The project will
not be able to do without the will of the customer
Once the project is started, the builders will not be able to make any changes to the project. Builders can make changes only when customers get permission from them, without the approval of the customers, the builders cannot make any changes in the project.
8. Action will be on arbitrary builders
If the builder does any kind of arbitrariness and works by acting contrary to the rules, then this whole attitude will be treated as a violation of the RERA law and the provision of the sentence to the builder for a huge penalty or three years in jail.
9. Real estate agents need registration
Real estate agents will also be registered with the Regulatory Authority; the government expects that having such agents will have the lowest score of the fraud. These agents will only be able to sell the same project which will be registered.
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10. Builder will look at penalties
If the builder sells a project that is not registered then the projected penalty will be found on the builder.