10 facts about RERA

10 facts about RERA
  • Sunday 28th May 2017
  • Author: Vikas Tawar

Highlights

  • 70 percent of the amount will be kept in the bank

  • RERA Act applicable to both commercial and residential projects

  • The project will not be able to do without the will of the customer

  • Sales will not be on the super area but on the carpet area

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.


1.    70 percent of the amount will be kept in the bank 
The important thing about the bill is that 70 percent 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.


2.    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.


3.    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.


4.    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 taking space for the shop etc. in the commercial project, the interests of the customers will be protected in this bill.


5.    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 scope of the fraud. These agents will only be able to sell the same project which will be registered.


6.    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.


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 for three years in jail. 


9.    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. On the basis of delays in designation or conviction in construction, the builders have to give both interest and fines.


10.    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.

 

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