- Enforcing timely delivery of projects
- In case of delay, buyer have a right to withdraw the booking and the developer is liable to refund the entire amount with interest
- Go ahead with the project and the developer will pay interest for every month of delay until the property is ready for possession.
- Facility to check RERA registration number
Single point portal information window at regular intervals.
- Financial safety via an Escrow account.
RERA obliged the developer to deposit 70% of the buyer’s money into such an Account and no rolling is allowed to developer alternative use.
- Ability to verify the developer’s track record.
Buyers have cross-check of the developer
- Transparency in advertisement and marketing collateral
Developers are now supposed to incorporate RERA registration for all promotional activities.
- Clarity on carpet area
No more super build-up area prices under RERA. Price on Carpet area only.
- Strict norms on building changes.
Under RERA 2/3 buyer consent is necessary to modify the building for layout plans specifications liabilities in the projects.
- Facility to check payments plans.
Buyers have flexibility with due diligence for the option of payment plan which includes Flexi payments down payment possession linked and construction linked plans.
- The booking amount cannot exceed 10%
Developers are supposed to pay up to 10 % booking amount and prohibits more than this. If the guilty penalty is imposed up to 3years imprisonment.
- Brokers’ registration under RERA is compulsory now.
This will boost the credibility of brokers also.
A reliable redressal mechanism to all one to the developer to customers to brokers for each other’s breach of any obligations and to be resolved within 60 days time limit from complaint date.