RERA Whats is RERA Real Estate Regulatory Authority Part 2

Thu, 17 Oct 2019 08:04:54 +0000

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

1. Penalty up to 10% plus Imprisonment provision.
2. Registration of individual project, Multiple phases means multiple Registration .
3. Withdrawal of fund on project Completion basis (70 % fund in Escrow account ).
4. Freeze the bank account on non-compliance.
5. Interest rate on delayed possession will be same of buyer and seller.
6. No false Commitment in advertisement.
7. Quarterly update about progress of construction on RERA website e.g. , unsold Inventory,
8. pending approval, project launched in last 5 year with status and reason of delay
9. Developer to take insurance of land proposed for construction.

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