Registration of Projects: All real estate projects and agents must be registered with RERA before advertising or selling. This ensures that buyers have access to information about the project’s legal status.
Transparency: Builders are required to provide detailed project information, including layout plans, project timelines, and the status of approvals. This helps buyers make informed decisions.Timely Delivery: Developers must adhere to project timelines and are penalized for delays. If a project is not completed on time, buyers can seek refunds or interest on their investments.
Escrow Account: Builders must deposit 70% of the money received from buyers into an escrow account, which can only be used for the construction of the project. This protects buyers’ investments.
Rights of Buyers: The Act empowers homebuyers by giving them the right to seek legal remedies in case of delays or discrepancies in project delivery.
Establishment of RERA Authorities: Each state in India has its own RERA authority to oversee and enforce the provisions of the Act, providing a platform for dispute resolution.
Doing Shop Act food fire trade etc also