The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to regulate and promote transparency in the real estate sector in India. The Chhattisgarh Real Estate Regulatory Authority (RERA) was established in the state to implement the provisions of the Act. In this article, we will take a closer look at the rules and regulations that developers and builders in Chhattisgarh must follow to be compliant with RERA.
Registration with RERA:
Developers and builders in Chhattisgarh must register their projects with RERA before selling or advertising them. The registration process includes providing details of the project, such as its location, layout, approvals, and estimated completion time. Developers and builders must also provide a declaration stating that the project will be completed on time and as per the specifications mentioned in the agreement.
One of the essential requirements of RERA is that developers and builders must maintain a separate escrow account for each project. They must deposit 70% of the project's funds into this account to ensure that the funds are used only for the development of that specific project.
Adherence to Project Specifications:
Developers and builders in Chhattisgarh must adhere to the specifications mentioned in the agreement with the buyers. Any changes made to the original plans must be approved by the buyers and RERA. This ensures that the buyers receive the property as per the agreed specifications.
Another critical aspect of RERA is timely possession. Developers and builders in Chhattisgarh must hand over the possession of the property to the buyer on or before the agreed-upon date. In case of any delay, the developer or builder is liable to pay a penalty to the buyer.
RERA Compliance Certificate:
Once the project is completed, developers and builders in Chhattisgarh must apply for a RERA compliance certificate. This certificate is issued by RERA after verifying that the project has been completed as per the specifications mentioned in the agreement with the buyers. The developer or builder can then sell or advertise the property only after obtaining the RERA compliance certificate.
Penalties for Non-Compliance:
Developers and builders in Chhattisgarh who do not comply with the rules and regulations of RERA are liable to pay penalties. These penalties can be up to 10% of the project's estimated cost or imprisonment of up to three years.
RERA has brought much-needed transparency and accountability to the real estate sector in Chhattisgarh. The rules and regulations mentioned above ensure that developers and builders follow the agreed-upon specifications, provide timely possession, and maintain separate escrow accounts. RERA also provides buyers with a platform to file complaints and seek justice if developers and builders do not comply with the rules and regulations.
Note: The information provided in this article about Chhattisgarh Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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