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.