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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 completing ...
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No Change in Real Estate Law, Says Housing Minister There is no secret about the fact that the builders have been unhappy with the rules that RERA expects them to follow. They have continued to lobby for amendments in certain provisions of RERA. Their hopes were pinned on one-year completion of RERA when the government may provide some relief. Unfortunately, the government has ruled out any changes in the existing provisions of RERA. During the first central advisory council meeting of RERA, th...
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RERA Compliance Check Process 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 unfor...
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RERA Compliance Check Process 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 unfor...
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One Year of RERA - How Effective it Has Been ? 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 t...
1.1k+ Views 2 Likes
One Year of RERA - How Effective it Has Been ? 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 t...
by February 1, 2018
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6 things every property broker should know in the era of RERA The Real Estate Regulatory Act (RERA) got implemented in India in 2016 and since then the real estate sector has come a long way. The Act covers nearly all the stakeholders and property brokers are no exception. There are certain rules and regulations which every property broker operating in India must know about. Here is a quick list of those regulations. 1. What is the first step for a property broker to be in line with RERA? The ...