1) It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressal of grievances against any builder. This will happen once eve.
3) This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the booking money for one project, thus delaying completion and handover to consumers.
5) The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as this.
7) The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
8) The buyer can contact the developer in writing within one year of taking possession to demand after sales service if any deficiency in the project is noticed.
9) The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This puts paid to a common and unpopular practice by developers to increase the cost of projects.
10) Lastly, every project measuring more than 500 square metres or more than eight apartments will have to be registered with the RERA.
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