|Getting an Ongoing project registered under RERA is mandatory.
• An ongoing project is defined as one which has not received OC/CC from the local authority.
• Penalties for not registering an ongoing project is equivalent to 3 years of prison for the promoter or 10% of the project value.
|A new project unless it is registered under RERA cannot be advertised (marketed/sold).|
|RERA adds credibility to the Promoter’s Project, it is a stamp of approval from the authority.|
|RERA also allows builders to plan ahead of time and manage project finances with strong discipline and a clear outlook.|
|RERA registration for Agents is mandatory before one sets out to sell any unit in a RERA registered project.|
|RERA adds credibility to the Agent as it is a stamp of approval from the authority.|
|Any agent without RERA registration if found guilty of selling any unit can be penalized 5% of the unit value in question.|
|RERA is a boon for home buyers. It allows the buyers an assured project completion date.|
|It also assures and guarantees the buyers of a 5 year defect liability period where any structural defect or any defect arising from poor workmanship within the 5 year period is to be rectified by the Promoter of the project.|
|RERA also assures the buyers that the money paid by them is utilised towards timely and proper completion of the building.|
|RERA gives liberty to an aggrieved buyer to claim penalty for delayed handovers.|
|Buyers are more secure with a clear declaration of the title of the land on which the construction is being executed.|
|RERA is a definite boon for the aggrieved buyers and other potential buyers too!|