How RERA Rules Simplified Process Of Buying New Flats In Ghaziabad

by Priya G. Real Estate Business Expert
The face of real estate has completely transformed from what it was before 2016. Thanks to RERA that it has made sure that the rights of the home buyers are protected against the unfair practices of the real estate builders. 

This basically implies that buying flats in Ghaziabad has got a lot easier with complete assurance of security, fairness, transparency, quality and authorization. With specific rules set by RERA, the process of buying flats has become very smooth and simplified. 
Listed below are some of the major rules or points under RERA - 

1. Security: Under RERA, 70% of the buyers’ money is deposited in a separate account and is allotted to the builder only for land-related and construction costs. Not more than 10% of the total property’s cost can be demanded as advance payment. 
2. Fairness: Properties can be sold only the basis of carpet area, which will be calculated using a standardized formula. 
3. Transparency: Builders are required to submit original documents for all the housing projects they are constructing. No changes can be made in the plans without the buyer’s consent. 
4. Authorization: Once the property is registered under RERA, all the advertisements should display a unique project-wise registration number, which is provided by RERA. 
5. Quality: In case of any defect in the workmanship (detected after possession), the builder must resolve the complaint within 30 days. 

Penalties For Non-Compliance To ensure complete protection of the buyers’ interests and rights, the RERA act mentions specific penalties for any offences caused by the builders, real estate agents, promoters and other parties. These penalties are mentioned below - 

Penalty Reason
  • Non-registration of the project under RERA
  • When the order for registering the project under RERA has been issued, but the project is not registered.
  • Violation of the order of the Appellate Tribunal.
  • Violation of any order of RERA
Penalty Caused
  • 10% of the estimated total cost of the project.
  • Upto 3 years of imprisonment, either with or without a penalty of 10% of the predicted cost of the project.
  • Upto 3 years of imprisonment, either with or without a penalty of 5% of the predicted cost of the project.
  • Daily penalty of upto 5% of the estimated total cost of the project

With these rules for penalties and that for protecting the rights of the buyers (as mentioned above), it is clear that RERA is here to benefit you, as a buyer of affordable flats in Ghaziabad. 

So, be rest assured that your rights will not be violated and your hard-earned money will not go wasted. Invest in your ideal 2 bhk flats in Ghaziabad today without any hesitation!

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About Priya G. Advanced   Real Estate Business Expert

149 connections, 4 recommendations, 434 honor points.
Joined APSense since, September 23rd, 2016, From Ghaziabad, India.

Created on Aug 27th 2019 04:20. Viewed 466 times.


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