Today I will explain the entire things of RERA
Guideline. How it will help to the people those who are search House for Sale in Mumbai.
Detail of RERA
Guideline here I will elaborate. Why Government approve these rule and how it
will be helpful for the people.
Here getting a House for
Sale is difficult so we have to
discuss the problem people were facing while RERA was not there and many more
things regarding RERA?
What is RERA?
RERA is known as Real
Estate Rules Authority, The Indian Government passed the RERA Act in May 2016. It was formed to bring the transparency of the real
estate business.
RERA was brought into
activity to privilege concerns of homebuyers, builders, brokers, and other
stakeholders of the real estate industry for getting a House for
Sale.
Concept of RERA
As per the RERA
Authority, RERA committees have been set up across the country to promote
transparency, as well as the rule and regulation of the real estate sector. Each
State have own RERA
authority like Maharashtra RERA, Odisha RERA, Karnataka RERA and many more.
This act is mandatory
for all commercial and residential real estate proposal reading Flat, Land and House for
Sale where the land should be over 500 square meters or eight apartments.
How RERA will be
helpful for the people?
- ·
The buyer who are interest for getting into House sale
near me in Mumbai location or Flat for sale in Mumbai they have to deposit 70%
of the total cost through cheques, in the bank account.
- ·
Now the major benefit for consumers included in the Act is that
builders will have to make a quotation prices based on carpet area where the
super built-up area will be not included because carpet area has been clearly
defined in the Act to include usable spaces like kitchen and toilets.
- · Under RERA act it is mandatory for all the Real Estate Business man and Builder that to mention the Carpet area and Super built up area for those who are interest in Flat for Sale.
- · There will be a sale agreement between all builders and Buyer those who are looking for House for Sale or Flat.
What are the Penalties under RERA?
As you are buyer and you want to Buy a
House, you can also register a
complaint with RERA, based on the problem you will faced from the developer or
promoter. Here is a list of penalties which are applicable in case if they are
found guilty.
- · The Builder has to pay 10% of the projects from the estimated cost if they do not have done register with RERA
- · The Builder or Owner of Real Estate Company can be charged Rs.10,000 per day up to 5% of the cost of the project, in case they are found conducting construction and sales on their project
Here Cifiyah is a
classified site it also follow all the rule and regulation of RERA guideline
for Real Estate Sector. Only genuine promoter has the permission to post their
list in our site.
