The last two decades have seen a property boom in India, particularly in metropolitan regions. Everyone values having a home and a personal space. There has been much discussion about huge real estate companies failing to execute projects for years, while home buyers have paid more than 80% and are still waiting for possession.
As a result of this revelation, hundreds of people’s dreams of purchasing a home were destroyed. Unkept commitments on projects from some builders also disheartened the public and made them wary on real estate investments. All of this culminated in the introduction of a much-needed law and legal authority to oversee builders and track if the so-called real estate project is a scam in your name.
The Real Estate Regulatory Authority (RERA) Act of 2016 came into effect on May 1, 2016. Some sections took longer than others to complete, and legislators were notified on May 1, 2017. RERA is a fundamental law that establishes several standards for builders, promoters, brokers, real estate advocates, homebuyers, and others in order to provide transparency to the real estate purchase and selling process.
Read more: HOW RERA HAS TRANSFORMED THE REAL ESTATE
The following are the payment provisions of the RERA Act of 2016:
- The rights and duties of homebuyers include making the proper payments to the builder as specified in the selling agreement.
- The homebuyers can be obliged to pay interest if they don’t make the needed payment on time as promised.
- The division of registration fees, municipal taxes, water and energy expenses, maintenance fees, ground rent, and other payments in accordance with the agreement is also required by the RERA new regulations 2022.
- Until the purchasers take ownership, the builder is liable for all outgoings such as water and electricity.
- According to RERA’s new 2022 regulations, the buyer may pay the builder no more than 10% of the total amount unless the agreement to sell is fulfilled.
It should be noted that these restrictions are included in the center’s new RERA standards. Further criteria may be imposed by state/UT rules.
What Are The Recent HARERA Rules Amendments?
High Court’s Decision Regarding Haryana RERA
The Punjab and Haryana High Court recommended that the owner and the proprietary company be treated as a single legal entity rather than as separate ones.
Real estate agents may be charged the same registration fee, regardless of whether they register as a proprietary firm or an individual, according to RERA Haryana. Prior to this change, there existed a cost difference between registering under the HRERA legislation as a proprietary corporation vs an individual agent.
Earlier, the HARERA has so far imposed fees of Rs 25,000 on people filing as real estate agents and Rs 2.5 lakh on “others” who listed themselves as proprietary companies. The renewal fees for individuals are Rs 5,000, while for private companies is Rs 50,000.
Following the HC judgement, the Indian real estate authorities will be required to charge agents who file as “Other than individuals,” such as proprietary companies, a standard fee. As trustworthy real estate builders in Noida, ACE Group offers our clients, RERA compliant projects, as we believe in maintaining transparency and confidence.
Contact us for more information on our RERA compliant projects.