Depositing 70% of funds collected from buyers in separate bank account (Escrow) & used for project.
Mandatory for all project builders to register with RERA before launching their projects.
Developers to upload on RERA website all project details, including approved layout plan, timelines, cost, sale agreement formats.
No advance (>10%) to be taken by promoter without entering in to an agreement for sale.
Proposed project to be developed / completed by promoter in accordance with the sanctioned plans. Any additions and alterations cannot be made without previous consent of allottees.
5 years free-of-cost guarantee from structural / workmanship defect or any other quality or provision of services or any other obligations of promoter as per agreement for sale from the date of handing over possession, it shall be the duty of promoter to rectify such defects without further charge, within thirty days. In the event of promoter’s failure to rectify such defects within such time, the aggrieved allottees shall be entitled to receive appropriate compensation in the manner as provided under this Act.
Builders will also be benefited as the law has penal provisions for allottees who do not pay dues on time. The builder can also approach the regulator in case there is any issue with the buyer.
