6 Things you should know about Real Estate Act

Yes, the Real Estate Act comes into force in 2016 and makes several provisions for the protection of buyers. Now, it will be become mandatory for the builders to register their projects with the Real Estate Regulatory Authority (RERA), 2) builder has to deposit 70% of the amount taken from the buyers at the time of pre-launching time or launching time, 3) clauses should be clear such as, they have to clearly mention quote prices based on carpet area, 4) now, Real Estate Regulatory Authority shall regulate transaction related to residential and commercial projects and will ensure their timely completion and handover, 5) guidelines are being framed to have standard agreement by the builder with similar clauses so that the buyers are not cheated with clauses against them and 6) provision for jail term for a developer for damages for non-completion.