Rules and regulations under the RERA Act
Both builders and consumers must know all about RERA Act as the rules apply for both parties.
The rules and regulations are-
- A developer has to pay a penalty charge of 2% over the MCLR in case of any delays in delivering the property to the buyer.
- Developers must keep 70% of the collected amount from the buyer in a separate account. This money can only be utilized for construction purposes.
- Buyers have to pay for the property as per the carpet area, and not for super built-up areas like stairs, lifts, lobbies, balconies, etc.
- Builders and developers have to share all the details of the undertaken project on the official website of RERA.
- A builder is not allowed to make any changes in the construction plans without informing at least 2/3rd the beneficiaries in case of joint ownership.
- A buyer can lodge a complaint regarding the property for up to 5 years, which needs to be resolved by the developer. In this case, RERA registration of the buyer is also required.
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