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