Video on Important Clauses of RERA (RERA Compliance)

Watch out for important clauses of RERA (Real Estate Regulation Act 2016) for Real Estate Promoters.

Following are some of the clauses in RERA

1. Promoter should submit/upload all the documents related to Project in RERA Website
2. RERA Authorities should approve within 30 days
3. Promoters can Start Marketing and Project Execution only after Approval of RERA
4. Uploading of Project Progress every quarter in RERA Website
5. Promoters can Withdraw money from escrow account only after approval from Authorized Engineer, Architect and CA based on the Project Progress
6. Approval from one-third of customers if there is any deviation from the submitted plan/design
7. Penalties to the promoter if there is any delay in the project
8. Promoter should address any structural defects for a period of 5 years from the date of handing over the possession
9. Maximum Jail term of 3 terms with or without fine for a developer who violates the order of the appellate tribunal of RERA
10. Failure to comply with these will get the project out of RERA site and no agent or no one can sell the project anymore

Keeping watching this space for more information on RERA

Note: Blog Originally posted in https://neewly.wordpress.com/2017/05/29/video-on-important-clauses-of-rera-rera-compliance/