What is RERA = Real Estate Regulation & Development Act 2016 ( Part 2 )
- Benefits to Builder under RERA
Imposition of Penalty
Certificate of Authenticity
Transparent and better market for Developer
- Important and Major Highlights of this Act
- Penalty up to 10% plus Imprisonment provision.
- Registration of individual project, Multiple phases means multiple Registration .
- Withdrawal of fund on project Completion basis (70 % fund in Escrow account ).
- Freeze the bank account on non-compliance.
- Interest rate on delayed possession will be same of buyer and seller.
- No false Commitment in advertisement.
- Quarterly update about progress of construction on RERA website e.g. , unsold Inventory,
- pending approval, project launched in last 5 year with status and reason of delay
- Developer to take insurance of land proposed for construction.
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