Advantage Home Buyers: Real Estate (Regulation and Development) Act, 2016
Protects the Interest of Home Buyers 5 – years Defect Liability Guarantee
- TRANSPARENCY – Rights to all project details such as land title, sanctioned plans, project approvals, cost of construction, status, etc.
- REGISTERED PROJECTS – Developers can advertise, market, sell or offer for sale, any plot, apartment or building on the projects registered with the RERA.
- DEVELOPERS LIABILITY FOR DEFECTS – 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;
- PRIOR APPROVAL FROM BUYERS TO BE TAKEN BY DEVELOPER – If Developer, makes any additions and alterations in the sanctioned plans, layout plans and specifications etc. he needs to take previous consent of at least two-thirds of the allottees.
- Stringent penalties / penal provisions for violation of orders of Appellate Tribunals and Regulatory Authorities.