Real Estate (Regulation & Development) Act has been implemented with the purpose of enhancing transparency and applying a uniform code of conduct for developers across various states. Some highlights of RERA for :-

The developers are expected to maintain minimum 70% of the money collected from potential buyers in an escrow account opened with a bank, to be utilised exclusively to meet the cost of that project.

Developers will have to sell flats on the basis of carpet-area. Selling apartments at built-up and super-built up rates is prohibited under RERA.

The builder would be held responsible for structural defects in the first 5 years and if the project is delayed, the developer will have to pay the interest to the customer.

The developer needs permission from a minimum of 2/3rd of allottees to make changes to the original plan and availing insurance for the land titles is now possible

RERA Testimonials