Important sections of RERA you should know about.

As a potential investor or even someone who is in the real estate market, you should familiarise yourself with all the laws that regulate this industry. Recently, the government of India has enacted a new law RERA that pertains to this sector. Therefore, whether it is one of the HRH Vasant Valley: Housing Projects in Faridabad or some premium apartment complexes on sale, they have to follow the new RERA guidelines that are laid down by the central government.

These guidelines and laws were made to improve transparency and accountability in the sector. Therefore, if you are a home buyer looking for Conscient Habitat: Flats in Faridabad or high-end duplexes, you should know some specific sections of this law which are enacted for your benefit.

Dedicated body for redressals

One of the clear guidelines of the Real Estate Regulatory Authorities act is that there should be dedicated tribunals in every state as well as the union territory of India. The main job of these tribunals would be to allow the investor to check the project details as well as the potential of the builder before they invest their hard-earned money in buying an apartment. Furthermore, if there is any dispute, then this must be resolved within 60 days from the date when the complaint is filed.

All residential, as well as commercial developers, have to register with the RERA and upload the entire project details on the RERA website so that it can be viewed by all the investors.

Warranties by the project promoters

In the past, many a time, unscrupulous developers used to sell their projects at huge discounts even before they get all the necessary permissions from the authorities. As many investors failed to do due diligence to find whether all the approvals have been taken as well as the legal sanctity of the projects, they were defrauded as such projects were susceptible to price escalation in the future, last-minute change of plans, and delays. To safeguard the interest of the investors, the RERA law mandates that the promoter has to declare the legal title of the project land so that investors can authenticate it.

Timely delivery of the property

The new RERA law mandates that the properties should be delivered to the investor in the time that is specified in their contract. If for some reason they cannot do it and if the investor wish, they can get the entire money back with interest.

The developer should furnish all the project details

This act makes it mandatory that the promoters should disclose all the necessary facts and figures related to the projects that include, including project plan and site layout, land title status, government approvals, the number of homes for sale, names of subcontractors, schedule for completion, payment schedules and so.

In addition to all these, the other important information that the developer must provide is the exact carpet area, regular progress report, and others. In case the developer default on any of the sections or subsections of this act, then they can be fined or even jailed.

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