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 Title Verification and Search Report?
- Revocation under the RERA Act
- RERA Limitations
- Homebuyers right in case of insolvency
- Working of RERA after its enactment
- Legal Remedies if real estate project is stucked
- Rules governing Punjab RERA
- Best RERA Practices to be followed by Builders
- Legal rights transfer under RERA
- Conciliation Forum in UPRERA
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