Everyone has the dream of own house but despite many times making a booking and paying the money, it takes years for this dream to become its own. This creates a double blow to the buyer. On one side, he has to pay rent and on the other hand, monthly installment is also made. This situation persists for years. To provide relief to the buyer, the Central Government has passed the RERA Law.
Key Points of RERA
1. It is necessary for the builder to get registered in RERA. Shoppers buy flat, plot or shop in the same project, which is registered in Regulatory Authority. The builder has to register in his project State Regulatory Authority. Together, all the information related to the project will be given.
2. If the builder frauds a buyer then the buyer will be able to complain from the regulatory authority. In such a situation the builder will have to accept the decision of the authority. If he violates it, he can be sentenced to three years.
3. Real estate agents who play the role of middleman will also have to register themselves. They have to submit a fixed fee along with the regulator. If these agents were found guilty of making false promises to the buyer, they could be sentenced to one year’s sentence.
4. DDA, who has made housing and commercial projects, GDA Such organizations will also come under this law, that is, if DDA Even after making flat on time, he also has to pay interest on the depositor to the buyer. Not only that, real estate regulatory laws will apply to commercial projects.
5. If the builder prepares a project then its structure (structure) will be guaranteed five years. If there is a fault in the structure in five years, then the builder will have the right to repair it.
6. The buyer is in trouble if delay in projects. Often the buyers put the money in the other project, making the old projects late. According to RERA, builders have to create separate accounts for every project. It will have to deposit 70 percent of the money received from the buyers, which can be used only for that project.
7. The builder will be given a log-in ID and password to create a page on the Authority’s website. Through this they have to upload all the information related to the project on the website. The status of the project will be updated every three months.
8. Under RERA, there will not be any new launches, but the already released projects will also come in. Developers with no compliance certificates will have to make all the information public. For example, the actual scheme, the subsequent changes, the total deposited funds, the amount of money used, the actual date of completion of the project and how long it will be completed.
9. Builders will not be able to pay more than 10 per cent in the form of advance or application fee, unless a registered purchase is made for sale.
10. If the buyer does not get a position on time, the buyer can withdraw his entire money, including interest, or take interest every month till the appointment is given.