The customers can access all the documents of Promoters as law makes it mandatory to submit all the documents while applying for RERA Registration
70% amount needs to be deposited in a separate bank account to avoid diversion of funds to another project.This will go a long way in protecting the interest of the property buyer.
Every state will have its own regulatory, where an aggrieved person can file a complaint against the defaulter.
RERA act will reshape home buying experience of buyers. Real Estate Regulatory Act was implemented on 01 May 2017 across the country. RERA aims to bring transparency and trust in Indian Realty Sector. The act will help promote accountability, transparency, and efficiency in a sector that was considered cloudy due to unethical practice committed by some black sheeps in the market.
Before RERA there was no authority mechanism where buyers could get all the necessary details about the builder at one place. Now, RERA will safeguard the end users from unscrupulous activities by setting state level RERA regulatory.
Let's have a look at some of the provisions of RERA which will benefit the end users:
These provisions will empower home buyers to take an informed decision before buying a unit from a developer or through a broker. RERA will surely have a far-reaching impact on the Indian Realty and will transform its working mechanism altogether.
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