Rera consultants..

Q: The Real Estate Agency of India passed the Real Estate Regulatory and Authority (RERA) Act in March 2016. This act has been made in accordance to increasing complaints against the builders or promoters andhttp://www.reraconsultants.com/ the real estate agents. These complaints are mainly regarding the late possession of a house to the buyer, faults in the society,

dztul,

3rd August 2016

Real estate News in Delhi

developers

real estate regulatory bill

real estate regulatory authority

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Replies (7)

Major Benefits of the RERA Act for Buyers Right to information to property. Standardized Carpet Area. No delays in the project. There is more transparency in the system.

Shival Chaudhary,

11th June 2020

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Major Benefits of the RERA Act for Buyers
Right to information to property. Standardized Carpet Area. No delays in the project.

Shival Chaudhary,

21st May 2020

Comment

Many promoters are also using RERA Compliant services to do their referrals legally.
Loyalie is one such platform which makes referrals legal and hassle free for all. Loyalie has extensively worked with real estate companies across all India helping them ease their problems. The platform allows easy tracking and monitoring of all referrals from a single dashboard. It is easy to use and a very innovative solution under new RERA guidelines. Contact us today if you as a promoter want to beat your competitors and make your referrals legal.

nishant, Kolkata

8th November 2017

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But the implementation of the Act will pose a big challenge especially in the initial few years, but will make the sector a more organised one. Also, builders can hope to get bank finances at a slightly lower rate. The strict provisions of the Act will drastically reduce the number of players in the real estate market in a phased manner as well.

Asya, Bangalore

19th September 2016

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Hi Keshav and Sadashiva!!
Currently, if a project is delayed, then the developer does not suffer in any way. But now, the law make sure that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer. If it happens, developer will try to hand over the flat possession on time keeping the delay fine in mind.

And most importantly, every project measuring more than 500 sq-mt. or more than 8 apartments will have to be registered with RERA.

Sunil Joshi, Mumbai

9th August 2016

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And one more important point which i have forgot to mention is, if the developer can not make any changes to the plan that had been sold without the knowledge of the buyers. If anybody found violating the order of the appellate tribunal of the RERA is 3 years imprisonment with or without a fine.

sadashiva, Delhi

9th August 2016

I agree with you Sadashiva. This act requires the developer to deposit 70% of the project funds in a escrow account. This will make sure that developers are not able to invest in several new projects with the proceeds of the booking money for one project. Thus, it will help buyers to get their possession and time and the same time developers will complete their project on time.

Keshavrao Jedhe, Pune

9th August 2016

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Not only this but also this law will make it mandatory for developers to post all information on issues such as 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 then in effect pass this information on to the consumers.

sadashiva, Delhi

9th August 2016

You are right Sir. And this will help regulate the Real Estate Sector and bring in more clarity for both buyers and developers. But this will happen once every state approve this Act and establishes a state authority on the lines set up in the law. This law gives authority on the real estate regulator to govern both residential and commercial real estate transactions.

sadashiva, Delhi

9th August 2016

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