IMPACT OF RERA ON INDIAN SOCIETY
Advocate Kamal K Anand gives an overview of the Impact of RERA on various sectors
• The promoter is also liable to return the total amount with interest at the rate as mentioned in the agreement for sale if it fails to complete or is unable to give possession of the property within the agreed time-period.
• In case the buyer does not intend to withdraw from the project, he/she will be paid, by the promoter along with the interest for every month of delay, till the handing over of the possession.
• Now, as per RERA, a promoter cannot accept more than 10 percent of the cost of the property, even as an advance payment, without first entering into a registered agreement for sale.
• 70% of the payment received has to be directly deposited in a separate account and money from it can be withdrawn stage-wise only for that particular project.
• The promoter has to clearly disclose to the buyer the carpet area of the flat/unit being sold and has to state the date at which the project will be completed. In case of any delay in the same, the promoter is liable to pay the rate of interest in case of any default.