RERA to be applicable from May 1

With much speculation, RERA is finally being made applicable from May 1, 2017. The builders will benefit from this act, as it will impose penalty on allottee for not paying dues on time. Also, the builder will have the opportunity to approach the regulator in case there is any issue with the buyer.

RERA

With an aim to regulate the real estate sector, RERA bill has been introduced by the government. This act intends to work in the best interest of the homebuyer and ensure timely delivery of projects. Although RERA is a central law, its implementation will depend on state governments, as real estate is a state subject. Maharashtra government had approved the Real Estate – Regulation and Development Act and it will come into effect from 1 May 2017.

Here are few ways in which buyers are likely to be benefited by the RERA Act-

The act just doesn’t benefit the buyer, but is also a boon for the developer. The real estate sector will truly be a much organised sector with the implementation of this act.