Posted by Real Estate (Regulation and Development) Act [RERA], which was amongst the most ambitious initiations of the erstwhile United Progressive Alliance [UPA], has come one full circle around after four years and is set to be implemented in the Congress-led State of Karnataka without any State amendments to the NDA Central Act. Browse plots in bangalore for latest Indian Real Estate information.
Ironically, only 13 States and UTs are set to implement the Act, while Karnataka, a Congress-ruled State is yet to notify the State level Rules of the Act, with the pushy role played by the real estate players. For latest Indian Real Estate News, follow buy plots in bangalore
RERA being one of the big three acts namely RTI and RTE initiated by UPA, the strong real estate lobby saw to it that it could not be implemented in the rule of UPA Government, as it was intended to totally rework the business model of the real estate industry.
Reeling under the pressure of the unrelenting activism of Fight For RERA movement, the NDA regime implemented the Act. For more news updates about Indian Realty, visit plots in sarjapur.
Main Features of the Act
The main characteristics or notable features of the Act can be summed up as the following:
- Keeping 70% of the payments collected from buyers in a separate account in one the scheduled banks and drawing upon it only for that specific project
- To mandatorily complete the project within the specified timelines
- Compulsory registration of the project under the aegis of the specific authority set up for the purpose
- Pricing determined by carpet floor area and not super built-up area
- Setting up of Regulatory Authority and Appellate Tribunal to address all disputes arising out of the jurisdiction of the Act. For more updates about RERA, follow bangalore plots