by on January 3, 2019
Traditionally, the real estate brokers have acted as the middlemen between home buyers and developers. They sell the property on behalf of the developers to sellers and earn a pre-determined commission. They are the people whom home buyers trust for guidance in real estate matters. However, there have been cases where brokers have breached the authenticity of the transaction and duped the home buyers in the process. At times, they either charged a hefty commission or vanished before completin...
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by on June 1, 2018
The government had introduced RERA to address the grievances of home buyers and give them a protective shield against the frauds committed by real estate developers. The Act made it mandatory for the builders to disclose the details of the project, promoters, status of the land and clearances to the home buyers on the RERA website. If there is any disparity, the builders are subject to a penalty up to 5% of the estimated cost of the project. Surprisingly and unfortunately, home buyers for who...
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by on May 27, 2018
When the Parliament passed Real Estate Regulation and Development Act (RERA) in 2016 with a directive to all 29 states and 7 Union Territories to set up a regulatory authority by May 2017, it had brought a welcome cheer among the home buyers. They hoped for a hassle-free and low-risk home buying experience. While the aim of RERA was to protect interests of real estate customers, enhance their trust and promote transparent transactions, it appears that nothing much has been achieved. As RERA c...
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