Real Estate (Regulation & Development) Act has been implemented with the purpose of enhancing transparency and applying a uniform code of conduct for developers across various states. Some highlights of RERA for :-
The developers are expected to maintain minimum 70% of the money collected from potential buyers in an escrow account opened with a bank, to be utilised exclusively to meet the cost of that project.
Developers will have to sell flats on the basis of carpet-area. Selling apartments at built-up and super-built up rates is prohibited under RERA.
The builder would be held responsible for structural defects in the first 5 years and if the project is delayed, the developer will have to pay the interest to the customer.
The developer needs permission from a minimum of 2/3rd of allottees to make changes to the original plan and availing insurance for the land titles is now possible
The Real Estate (Regulation and Development) Act 2016, aimed at bringing in transparency and redefining the engagement between various stakeholders, is turning out to be a potential game-changing event. It is making product pricing structures extremely transparent. Post sale and last minute product price escalations by developers on frivolous grounds are now becoming history too!Someone famous
Implementation of RERA Act 2016 is playing a major role in strengthening the alliance between the buyers and developers, piling a trust factor and transparency among the sector. This law is reforming the Indian real estate sector making it more apparent and bringing in speed and accountability within the proceedings. RERA is certainly making the environment positive.Someone famous
This policy initiated by the government is helping in the growth of a much organized format in real estate sector going forward. All the practices & processes are getting smoother, transparent, streamlined, and bringing the sector in a brighter light and above all creating a general atmosphere of trust and professionalism amongst developers, regulators and buyers.Someone famous
RERA puts buyer's interest at the forefront and discourages malpractices. All stakeholders in the Indian property markets will benefit from increased transparency, standardization of processes and clarity in norms. Together with interest subsidy scheme, GST and other initiatives by the government, RERA will encourage genuine interest in real estate investments in India. It will also streamline the entire process of dispute resolution with an unbiased and empowered regulator.Someone famous