About Rera: Applicable on All Real Estate Projects
Ongoing Projects Also Come Under RERA The ongoing projects which are under construction will also come under this act and the developers will have to pay 70% of the total amount received from the customers into a different bank account within the period of three months starting from the date when the project was registered. All the developers need to comply with this rule and deposit the money within the mentioned time deadline. Equal Penalty Earlier the developers did not pay any refund in case the project got delayed but with RERA they will have to pay a compensation amount to the customers. This will account to about 11 to 12% rate of interest which includes the lending rate of 2% as well. Thus the customers can look forward to refund if the project is not completed on time thus keeping in mind the interest of the buyers. Imprisonment Developers, agents, and customers all have to follow the rules laid down under the RERA act and in case the same is not done, impri...