Well Known Mistakes Significantly Made By Real Estate Investors

Well Known Mistakes Significantly Made By Real Estate Investors

RERA-The Real Estate (Regulation and Development)

RERA-The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.

Things Every Home Buyer Must Know About RERA

Real estate is the second largest employer after agriculture – and the housing sector alone contributes ~5-6% to India’s GDP. But it is perceived to be the most corrupt sector of the Indian economy– largely because of its unorganized and unregulated status, with no proper guidelines or proper remuneration mechanism.

According to Law All Developers Must Register with RERA

The Act makes it mandatory for every residential and commercial developer:

  1. register their project with RERA
  2. upload all project details to RERA’s website (for all to view)

This Act applies to:

  1. Residential Projects of at least 500-plus square meters or 8 apartments – as well as under-construction residential projects
  2. Commercial Projects including shops, offices, and buildings

 

  1. Violators can be Jailed and Fined
    Developers will think twice before violating an order of the appellate tribunal of RERA. Because if they do, they can:

    1. be jailed for up to 3 years
    2. fined up to 10% of the project cost
    3. have their registration canceled

This provision of the Act will prevent unscrupulous developers from short-changing you and getting away with it. It will also ensure your project is executed and delivered without any glitches – as promised

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