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3 years of RERA: Simplifying Real Estate Bill benefits!

3 years back, Real Estate Regulator Bill (RERA) has been passed to help regulate the sector and bring in clarity for both buyers and developers. Here’s a quick snapshot of the same. Any changes, new amendment suggestions or comments welcome.

1) Each states gets its own Real estate regulatory authority for any grievances.
2) Regulator will have control on both residential and commercial properties
3) Developer now needs to park 70% of project funds in dedicated accounts thereby not giving them the freedom of cross utilization and hence focus on delivering and completing projects
4) Law makes it mandatory for developers to post all information on project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and share with customers
5) Carpet area becomes the law. No more built up and super built up areas for confusing the customer
6) Any delay in project will make developer pay interest to the customer as much as he is liable to pay to bank
7) Jail term of 3 years with or without fine to developer who violates the order of tribunal of RERA
8) After sales service for one year on any deficiency in the project
9) No changes in plan without consent of the buyer
10) All projects more than 8 apartments or 500 square meters have to be registered with RERA

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