Introduction: Real Estate sector is the most revenue generating sector in India. But there is no regulatory Authority to regulate it. Because of which the project gets delayed unnecessary and buyers have to face problems. It is the sector in which black money generation is very much high. Due to which foreign Investor are not interested in Investment in real state sector. Real Estate Sector is the second biggest employment generator after agriculture and contributes between 5-6% to the country’s GDP.
Some of the Important provision of RERA :
⇒ A Brief detail of enterprise
⇒ A brief detail of the projects launched by him in Past 5 Years.
⇒ An authenticated copy of approval and commencement from the competent authority.
⇒ the sanctioned plan, layout plan and specifications of the proposed project or the phase.
⇒ the plan of development works to be executed in the proposed project and the proposed facilities to be provided
⇒ the location details of the project
⇒ Proforma of the allotment letter, agreement for sale, and the conveyance deed proposed to be signed with the allottees;
⇒ the number, type and the carpet area of apartments for sale in the project
⇒ the number and areas of garage for sale in the project
⇒ the names and addresses of his real estate agents, if any, for the proposed project
⇒ the names and addresses of the contractors, architect, structural engineer.
⇒ a declaration, supported by an affidavit stating legal title to the land, land is free from all encumbrances, time period to complete the project and 70 percent of amount realized for real state project should be deposited in a separate account to be maintained in scheduled bank.
Some of the benefits for home buyers under this Act :