Bengaluru, March 19, 2016:
1) Each states gets its own Real estate regulatory authority for any grievances.
2) Regulator will have control on both residential and commercial properties
3) Developer now needs to park 70% of project funds in dedicated accounts thereby not giving them the freedom of cross utlitization and hence focus on delivering and completing projects
4) Law makes it mandatory for developers to post all information on 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 share with customers
5) Carpet area becomes the law. No more built up and super built up areas for confusing the customer
6) Any delay in project will make developer pay interest to the customer as much as he is liable to pay to bank
7) Jail term of 3 years with or without fine to developer who violates the order of tribunal of RERA
8) After sales service for one year on any deficiency in the project
9) No changes in plan without consent of the buyer10) All projects more than 8 apartments or 500 square meters have to be registered with RERA
Corporate Comm India (CCI Newswire)
