Non-compliance with RERA rules will attract penalties for all stakeholders including developers, promoters, agents and buyers. The builder/promoter will be liable to a penalty of 10 percent of the estimated cost of the project if they fail to register as per the Act.
Some Points Under Real Estate Regulation and Development (RERA) Security: Under the RERA act, a minimum of 70% of the buyers' and investors' money will be kept in a separate account. This money will then be allotted to the builders only for construction and land-related costs.
The Real Estate (Regulation and Development) Act, 2016, was formulated to safeguard the interest of homebuyers and to infuse transparency and credibility into the otherwise unregulated real estate sector.
Home is where our stories begin and we all love to create beautiful stories. But, before we purchase our dream home, it’s important to check the authenticity of the property. With Acts like RERA, the buyers are safeguarded from being exploited. The Real Estate Regulatory Authority (RERA) protects the buyer’s...