The Real Estate Regulatory Act (RERA) cleared by the Cabinet this year seeks to bring in much-needed transparency in real estate transactions to improve home buyer confidence. Interestingly, while the ministry of housing and urban poverty alleviation has notified certain sections of the Act (states have to establish a real estate regulatory authority and appellate tribunal by April 30, 2017), some developers are already making moves to be RERA-compliant.
Many builders in the Delhi NCR market are reworking builder-buyer agreements. They are offering parity in penalty for delayed delivery or defaulting on home loan installments; selling projects on the basis of carpet and not super area and offering consolidated payment plans. Realistic time frames are also being set for delivery to avoid stringent penalties under the Act.
Read more: Hindustan Times
