10 Things buyers must know about RERA
- Friday 12th May 2017
- Author: Vikas Tawar
RERA will bring much needed regulations and transparency to the people who involved in this sector. Consumers drive the sector by investing their hard earned money.
Before buying any plot/ flat, check whether the real estate project is registered by visiting the webpage of the builder in the website of RERA.
Never buy flat from unregistered real estate builder.
RERA will bring much-needed regulations and transparency to the people who involved in this sector. Consumers drive the sector by investing their hard earned money. It has been marked by a lack of trust and confidence between consumers and projects developers. This act has created a set of rights and obligations for both the consumers as well as developers.
Following are the Dos and Don’ts for the buyer!!
1. Never buy a flat in an unregistered real estate project.
2. Before buying any plot/ flat, check whether the real estate project is registered by visiting the webpage of the builder in the website of RERA.
3. Do not book in real estate projects through unregistered real estate agents
4. Read the prospectus carefully and cross check it with information on the web page of the project.
5. Do not pay more than 10% of the cost of flat or plot as booking amount without first entering into an agreement for sale with the builders
6. Pay only by cheque or DD
7. Verify that agreement for sale is in prescribed standard form
8. Deduct Tds @ 1% from payments if the cost of flats is more than Rs. 50, 00,000
9. Bring any structural or other defects to the notice of builder within 5 years of getting possession
10. Maintain records, ITR copies systematically for future purpose
So, this act will give a sigh of relief to consumers.It is going to make consumers happy and it will give some sort of comfort to real estate developers as well.
- What is a Lease Certificate?
- Things to keep in mind while entering into agreement for sale
- What is Phase-wise RERA Registration?
- Suo motu penalty order by MAHARERA on agents
- Penalty on Godrej Properties
- Responsibility of promoter till handing of possession
- What is Commencement Certificate?
- Obligations of promoter after registration of project
- What is Structure Stability Certificate?
- What is Land Survey Number?
- Obligations of promoter in case of transfer of project to third party
- Section 7-Revocation of Registration
- Disclosures to be made by promoter on RERA website
- What is RTC?
- How to file complaint in RERA Goa?
- How to file complaint in RERA Rajasthan?
- How to file complaint in RERA Bihar?
- How to file complaint in RERA Andhra Pradesh?
- What are Transfer Development Rights?
- Form B in RERA Act, 2016
- Transfer of Title in RERA
- What is Planning area in RERA?
- What is External Development work in RERA?
- What is Internal Development work in RERA?
- What are maintenance charges?
- What is NA Order?
- Withdrawal of projects in RERA
- What is Relinquishment deed?
- Extension of due date of QPR Submission in GUJRERA
- Rejection of project in RERA