Why to obtain RERA?
1. Time Delivery
Developers often make a false commitment about completion date of the project but it has been seen that the delivery is not on the time. According to the bill, a strict regulation is imposed on the developers. Therefore, if they don’t deliver the flats on time then the developer has to refund the purchaser with interest.
2. Accurate Project Details
Usually, builders promote their project by defining the various amenities and features of the project. As per the bill, No changes can be made to the plan and in case a builder is found guilty then there will be the penalty of 10 % of the cost of a project or even can be sentenced to jail for up to 3 years.
3. All Clearances
The bill indicates that developers get all the clearances before selling flats because due to the delays on getting clearance, the buyer does not get the flat on the time.
4. Proper Structure
In case the buyer finds any structural deficiency in the development of the building, then the developer is responsible for repair structural defects up to 5 years.
5. First RERA Registration, Then Advertisement
No permission to advertise any project before RERA registration with Real Estate Regulatory, the authority established under this act. A RERA registration number has to be carried by the advertiser.
6. Booking Amount
The buyer’s amount has been reduced from 20% to 10%, which should be paid only after registering the agreement for sale with the builder. The Buyer is entitled to a 15-day notice.
RERA is strengthening the real estate industry and is also helping it attain a certain degree of professionalism. The regulatory act will make it an option for people to join the real estate sector.
RERA registered brokers and promoters are also empowered to complain the authority regarding any matters.