Saturday, 17 December 2016

Real Estate Act’s rules notified: What it means for buyers and builders ?

The union government of India recently notified the rules under the Real Estate Regulation Act, which will be applicable to the five union territories. Now, all the states are expected to notify their own rules, in the near future. However, the question that remains, is whether the rules will meet the expectations of home buyers and the realty sector. Although numerous promises have been made over the years, not much has moved forward, from ideation to actual implementation of policies.

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Key features of the rules notified under the Real Estate Regulation Act Developers have to open an escrow account for all sales proceeds and use this account for all payments for the particular project. 70% of the money collected, has to remain in the escrow account, to facilitate all project-related expenses and the rest of the money can be taken out by the developer to use as they deem fit. There is an interest penalty for delayed possession that is imposed on the developer. Projects can only be launched, upon receiving the relevant approvals from the concerned authorities. These approvals have to be put up on the RERA website, along with all the pertinent project details and the project has to be approved by the regulatory authority. Customers can log onto the RERA website, to see the project’s details. Sale of properties will strictly be on the basis of carpet area. Any grievance/complaint has to be resolved by the state’s real estate regulatory authority, within 60 days.

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