Buying a new home? Here are four new rules you must know
- The Union Government has issued a notification.
- The newly introduced Real Estate Regulation Act makes life easier for home buyers.
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).Â
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The Central Government has even directed State Governments to constitute a statutory authority under their jurisdiction. Â With this new rules coming into place, the realtors can not prospective customers or buyers for granted.
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Here are four provisions from the new Real Estate Regulation Act that will make your life easier:
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- 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.Â
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- 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.Â
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- Rules also stipulate that developers specify the scheduled completion date of projects while registering it with regulator
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- 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.
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