The Real Estate (Regulation and Development) Act, 2016 (RERA) has come into force today, aimed to protect the interests of homebuyers across the country and bring transparency.
Here are some key features of the Act-
- It aims to protect the interests of homebuyers across the country and bring transparency.
- The real estate developers will not be allowed to take advances and booking amounts from customers in yet to be launched projects till they are registered with RERA.
- According to the current guidelines, developers have to register their under-construction projects along with all the relevant details with RERA by July 31.
- In case a customer makes three consecutive defaults in payments, the developer will have to give three weeks’ notice to the customer, and if no response is received, the developer can cancel the agreement.
- So far around 13 states and Union Territories (UTs) have reportedly notified their rules. These include Uttar Pradesh, Gujarat, Madhya Pradesh, Odisha, and Delhi.
Source- The Financial Express