This is an act for regulation and promotion of the real estate sector to ensure the sale of plot, apartment transparently and efficiently. The main motive of this act is to protect the interest of the consumers. this act was enacted by the parliament in May 2016 and have been coming into action on 1 May 2017 by all its 92 sections across India. This provides the relief to home buyers builders are time-bounded according to this act accountable for the timely delivery of the project and protect buyers from fake sellers.
Benefits Of RERA
- Under this builder has to disclose every detail of ongoing projects or buildings and update these on regular bases.
- After this act buyer have to pay only for the carpet area
- If any delay in completion of projects then build have to pay 2% interest rate above SBI’s marginal cost
- The building will be under build for 5 years for any maintenance.
- Dispute with the buyer will need to resolve in 120 days
The registration process for Agents.
- Fill the application form with the and documents for RERA registration.
- Get registration no. which is necessary to mention in every deal or sale
- Need to maintain the account book on quarterly bases.
- The builder needs to share all the details and information with the buyer.