RERA: 7 Things you must know about Real Estate Act

RERA: 7 Things you must know about Real Estate Act

7 things you must know about RERA

The Real Estate (Regulation and Development) Act (RERA) is aimed at bringing promotion to the real estate sector. It will bring more transparency and accountability in terms of procedures to both developers and buyers.

SECURITY

According to this Act, the builder has to keep 70 percent of the money collected from the buyers in an exclusive bank account (ESCROW account), only to meet the construction purposes of that particular project. The builder cannot accept more than 10 percent of the property’s cost as booking amount/application fee before the execution agreement for sale.

Quality

As per RERA rules, the builder ensures protection to buyers up to five years after the possession. If any issue brought to notice by the buyer during this period including quality of construction/defect in workmanship/provision of services, the builder is responsible to rectify such defects within 30 days.

Transparency

According to this Act, it is mandatory for builders to publish all the information about their projects, such as project plan, project layout, land title and status, government approvals, contractors, schedule and completion of the project with clients and RERA.

Integrity

RERA mandates that carpet area have to be clearly mentioned before sale. The builder cannot charge for the super built-up area. The area for balcony/terrace should be mentioned separately before the sale.

Authorisation

The act clearly states that the builder will be able to sell the project only after registering the project with RERA. Any advertisement inviting a person to purchase or investment should carry the unique RERA registration number. All the ongoing and upcoming projects will come under the purview of this.

Responsibility

It is mandatory that the agreement of sale should mention the date of possession. RERA imposes strict guidelines on the builder and ensures on-time delivery of the project.

Penalty

In case of any complaint against the builder, the buyer can go the real estate regulatory body for redressal.  For a builder, if they come across any delayed payment, they can also approach the regulatory body.

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Skyline Builders Real Estate group offers you Luxury Apartments, Villas, Homes and Flats all across God's own country – Kerala, India. Skyline Builders™ is the #1 Builders in Kerala. Skyline invites you to join our ever-growing community of satisfied customers... into a world where dreams do come true... where unmatched quality goes hand-in-hand with affordable rates... where aesthetic beauty in a clean green environment is coupled with all the essentials for practical living... an investment that is a celebration of your success. The Skyline Group has been in existence since 1980 and Skyline Builders™ is the flagship unit of the group. We provide luxury villas and apartments across Kerala esp. in Kochi (Ernakulam/ Cochin), Thrissur(Thrichur), Trivandrum(Thiruvananthapuram), Kottayam, Kozhikode (Calicut) and Kannur. With the IT boom in full swing, Skyline Builders is providing housing facilities near Infopark-Kakkanad and Technopark- Kazhakkottam.

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