The post-RERA real estate sector is witnessing major transformations with the introduction of strict laws regarding purchase, transaction and project delivery time that favour home buyers over real estate developers. However, it is undeniable that RERA holds promises of better opportunities for real estate developers, especially in the long run.
It’s over a year from the implementation of the Act across states in India. Therefore, we thought it would be helpful for you, the developer, to revise the key pointers of Developer Responsibilities as stated by the Real Estate Regulatory Authority Act (RERA), 2016.
The real estate sector (developer) is to provide complete details of each of his projects. This is to be drafted in lucid language so that even a legally unaware layman is able to verify the legal authenticity of the project. Further, developers must also work to create an environment of trust with their customers.
The real estate developer is to enter all details of his project and register in the official website of the respective State RERA body. Till registration, he/she is not allowed to advertise or sell the aforementioned project. In fact, it ensures that developers follow registration norms right from the get-go.
The developer is to quarterly update the details of –
A detailed prospectus or advertisement is to be given to the prospective home buyers which will include details of the RERA Authority website. Consequently, this will make it easier for them to understand their role and rights as a customer.
At the time of booking, the developer will provide the following information to the home buyer –
The promoter should –
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