The New Real Estate Act promises to bring transparency in Indian real estate projects.
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Key points in the act
- This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the booking money for one project, thus delaying completion and handover to consumers.
- This law makes 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.
- The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as this law makes it illegal. Carpet area has been clearly defined in the law.
- Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures 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.
- The buyer can contact the developer in writing within one year of taking possession to demand after sales service if any deficiency in the project is noticed.
- The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This puts paid to a common and unpopular practice by developers to increase the cost of projects.
The Real Estate (Regulation And Development) Act 2016 regulates transactions between buyers and promoters of residential real estate projects in India. It establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Act provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
- Complete ‘The Real Estate (Regulation And Development) Act 2016’ in digital format. Doesn’t require internet connection to read the act
- View data section wise / Chapter wise (Data updated as of 16 March 2016 )
- Advanced User friendly Search for any keyword within section/chapter
- Ability to view Favourite sections
- Ability to add notes to each section ( Users can save note, search note, share note with friends/colleagues ). In order to use this feature user need to Buy via Google Checkout.