The real estate main focus of grey areas,earlier which is prevailing in real estate sector.It has been witnessed in recent past two decade that many such incident took place where property buyer has been duped or losing hard earned money. To stop this situation and to control supplier in property. As per RERA property transaction will have to be done on carpet area basis, which will surely safeguard the interest of buyer.
Recently in past many such incident has been often become witnessed. When bank too at risk to funding certain project, thus bank is reluctant to finance of real estate project and developer has to opt other sources to manage finance at higher rate. Implementation of real estate act will restore faith both buyer and financier in to the market. This act is not only boost confidence but also make entire process of property buying smooth and hassle free and safeguard to interested property buyer and investor.
In case of any loss caused to buyer due to defective title of land or promoter fails to discharge any other obligation as per act or rule or regulation of agreement sale. Promoter has to compensation of allotee buyer. Thus developer has to complete project in stipulated time frame as per agreement of sale.
The RERA aim and goal is protect to buyer or in public interest and to gauge and tap of developer and agent, whenever is misleading people, the provision is made a agreement in between promoter and buyer.
Agent always play a crucial role in selling property as per act. All agent involve in selling newly under development project which come under ambit of RERA and have to registered with real estate regulation authority and provided with a registration number. Role and responsibility of agents have been define and any false or misleading representation will invite suspension.
As per provision in RERA, prior registration of real estate venture consisting more than 8 unit or plot exceeding 500 sq mt with real estate regularity authority act. How ever, if project is being develop in phase, every such phase will be consider as a real estate project and developer or builder has to obtain registration separately.
The compliance and detail to be furnish by developer to real estate regulatory authority are specific and it covers all parameters with special provision of 70 percent of amount realized for real estate project from investor –buyer from time to time shall be deposit in separate account to cover the cost of construction and land cost and shall be used for that purpose only. The amount will be withdraw from this account is in proportion of presence completion of project on certificate provided by engineer, architect and charted account.
The aim of RERA is fix responcibility of promoter and builderto safeguard the intrest of consumer property buyer. This is a welcome move, by and large, it will work in favour of buyers.
content resources author:- http://www.flatsbychoice.com