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Simple Facts about RERA

Simple Facts about RERA

Real Estate Regulator Act (RERA) is likely to be enforced in Mumbai, Maharashtra on or before 1st May 2017.

Here are some important simple facts about the RERA Act

The developer has to declare Sales Details each Quarter as to how many units sold per quarter, so it is a very different market, where we will all know the performance of each project and demand and supply. Declare each and every detailed information about the project in his declaration to RERA so no surprises.

Equal Interest Penalty for both Builder and Buyer on their respective defaults

The Regulator can take over the Project in the case of a major issue and complete the project.

The Banks can't release funds to the Developers without a CA or an Architect Certificate in proportion to the works beyond 70%.

Ongoing Projects, where OC (Occupation Certificate) has not received, will be under the purview of RERA within 3 months of the date of notification which is now looking to be 1st May 2017.
Buyer to Take possession within 2 months of OC

Pay 10% as booking price and sign Agreement for Sale

These are the provisions as per the Central Government, we will have to see over the next few days how the same gets applied by the State Government in Maharashtra.

About Sandeep Sadh

Mumbai Property Exchange is promoted by Mr.Sandeep Sadh who has been in the real estate business since the year 1993 and has an experience in transacting in Residential Lease & Sale, Commercial Lease & Sale. The experience of transacting and having a practical approach at work in each segments of real estate has given Mumbai Property Exchange an edge over its competition.

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