The above-board aim of the Real Estate Regulation and Development Act (RERA) is to bulwark the interest of homebuyers in the real estate sector. With RERA sprouting out in May last year, builders will now be cautious of their undertaking.
RERA has been a blessing for homebuyers. It has not only created ingenuity among buyers of their legal rights but also for the grievance redressal, a complaint redressal system has been introduced.
In order to provide aid to homebuyers, we at Centrik will be centralizing few traces that you can keep in mind while investing in real estate projects post RERA:
If building plan is approved?
While investing first and precocious thing to be kept in mind is if the building plan is approved or not. The promoter must register the building plan prior to the handiwork of agreement of sale. It is involuntary that the application form by the promoter must have all the details of the sanctioned plan and other related information.
If promoter is registered under the RERA Act?
As per section 3(1) of the RERA Act, no promoter shall advertise or sell his project before getting it registered under RERA Authority. The homebuyer must ask for RERA Registration Number for promoter before investing in the project. With the help of RERA Registration Number, one can review the details of the project on State RERA website which is a crucial aspect.
What is the amount to be collected as advance of the project?
With reference to the section 13(1) of the Central Act, it prohibits promoters from collecting advance of more than 10% of the cost of apartment, plot or building without entering into a written agreement with the buyer and the said agreement is registered under any law for the time being in force.
What is the last date of completing the project?
Delaying the due date for completion of the project is one of the main frauds done by the promoter. With the onset of RERA, promoters are required to submit the deadlines of completing the projects while making the application for the registration.
What to do in case of any change in the primeval plan of the project?
The real estate act acquiesces that the promoter must obtain the consent from the buyer, once the project is registered, for any kind of alteration or addition in the primeval plan of the project.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws