Out of 29, 13 states have notified their RERA rules. Remaining states have been asked to finish their notification within coming three months of the RERA implementation (May 01, 2017). Each of the states and UTs should have individual Regulatory Authority (RA) which will structure rules abiding by the act.
RERA has come into force to promote the sale volume of the flat real estate market of the country through a transparent and efficient practice. RERA is here to empower the buyers’ rights and interests.
At a glance RERA
From the time of booking and issuing allotment letter the promoter shall be liable to provide all the facilities to the allottee–
1. All sanctioned plans, layout plans along with specification have to be approved by the competent authority.
2. Builders have to update stage-wise progress of the project on RERA website including the provisions of civic infrastructure like water, sanitation and electricity. Booking process can be
twisted to some extent.
3.Currently the ongoing booking amount rate is 10% of the total property value. No one can ask more than this rate as advance. Make sure each phase/tower is registered.
4.The ‘agreement of sale’ is prepared at a later date.
Project needs to get registered within 3 months of the commencement by the regulatory authority.
5.The background of the promoter should be checked and cross-checked which include his previous projects details in 5 years. Current status of the on-hand projects, delay in completion, pending projects etc.
6.A promoter can be asked for valid copy of the approvals and commencement certificate from the competent authority, site details, progress status of project, copy of approvals and commencement certificate from the competent authority for every towers and phases (even for the under-construction properties).
7.Proforma of the allotment letter, agreement for sale, and the transmission deed proposed to be signed with the allottees.
8. Make sure the agreement has the details of the number, type and the carpet area of flats for sale in the project along with the area of the private balcony or verandah areas and the exclusive open terrace areas with the apartment.
9.Make a count of the parking allotments of the project.
10.A consumer can also ask for the entire details of the contractors, architect, project engineer, if any and other persons concerned with the development of the proposed project.
There should be a declaration supported by an affidavit indicating–
a. The promoter should own the legal title of the land.
b. The land should be free from any obstruction.
c. Read on the timeline within the promoter stated to complete the project.
After registered with RA each builder will be provided log in ID and password to upload his project information and update step-by-step project completion quarterly along with their personal details.
Without registration no project or land can be commercially advertised.
The state RA has to spell out the rate of interest on an evasion by either the developer or the buyer. Such payments have to be ended within 45 days of it becoming due.
Within 5 years of the project deliverance if there is any discrepancy in quality or workmanships promoter will provide the apt solution without any further charges.
In case any delay in possession, promoter will have to pay EMIs of the consumer till the month of project deliverance.
RERA will make sure that buyers won’t be fooled at the hands of builders. It will ensure quality production and timely deliverance of the projects. RERA will boost up realty sale as buyers won’t have to go through whims of the promoters.
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