Are you planning to buy a new home? Here is something you must read. The Union Government has issued a notification on the new provisions under Real Estate Regulation Act (RERA). 

 

 

The Central Government has even directed State Governments to constitute a statutory authority under their jurisdiction.  With this new rules coming into place, the realtors can not prospective customers or buyers for granted.

 

 

Here are four provisions from the new Real Estate Regulation Act that will make your life easier:

 

  • If the builder or developer does not give flat or apartment/house in scheduled time, then he is liable to give back your amount with 10.9% interest. 

 

  • Not just that, after having paid hefty amount to the builder or promoter, if a customer changes his mind and want to take back his or her money, the developer or builder should return the amount within 45 days along with 2% interest. 

 

  • Rules also stipulate that developers specify the scheduled completion date of projects while registering it with regulator

 

  • The final rules specify that developers of ongoing projects will also have to deposit 70% of the funds collected, but which have remained unused, into a separate bank account within three months of applying for registration.