RERA, the law which is enforced by the government is focused on protecting the interest of the property buyers. Anyone who is buying a home registered under RERA will enjoy the safe bet. The following are the provisions to safeguard the buyers:
- It entails for comprehensive records from conceptualization to completion of every individual project and will ensure that the consumers make sound investments in the real estate sector.
- RERA is a sigh of relief for the consumers by eliminating the hassle of approaching the Courts for these disputes.
- Also, this act needs the developers to deposit 70 percent of the total amount received from the buyers in a separate bank account earmarked for each project and any change the developer proposes in the layout or plans must be approved by two-thirds of the buyers in that project.
- RERA has provisions to penalize both the promoter as well as developer with similar interest rates for missed payments and delayed construction. Further, in case of violation, the developer risks imposition of heavy penalties and also losing their developer registration.