RERA Matter

As per RERA Act, if there are delays in construction, the developers and purchasers must pay an interest rate of 2% over SBI’s Marginal Cost of leading rate.

Property title RERA Act brought into force to encourage better transparency, making it more citizen-focused, improving financial discipline and increasing accountability.
RERA was designed under section 4.3 under Real Estate Regulatory Authority Act in 2016, which includes residential and commercial projects.
Any violation of the RERA Act will result up to 1 year imprisonment for agents and buyers and three years jail for developers.
If any damage happens to the property during the first five years, a solution needs to be met within 30 days by the Developer/Builder
Penalty of 10% of the estimated cost will be charged on the non-registration of project and if not obeying the rule, will be punished with 3 years imprisonment.