As per an article of Indian Express, “RERA seeks to address issues like delays, price, quality of construction, title and other changes.”
“RERA requires builders to submit the original approved plans for their ongoing projects and the alterations that they made later. They also have to furnish details of revenue collected from allottees, how the funds were utilized, the timeline for construction, completion, and delivery that will need to be certified by an Engineer/Architect/practicing Chartered Accountant. It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state under RERA. The details of all registered projects will be put up on a website for public access.”
The RERA act will encourage fair practices to protect the interests of the property buyers and keep a tab on the errant builders, also charging penalties from them for delayed construction, poor quality of flats, false promises and changing of deadlines.
“If the promoter defaults on delivery within the agreed deadline, they will be required to return the entire money invested by the buyers along with the pre agreed interest rate mentioned in the contract based on the model contract given by RERA,” added the article.