@investitute

class="content__text" Some other benefits of RERA 1) Standardized carpet area- Earlier the carpet area on which the builder calculates the price of the property was not defined. Every builder/developer had his own method of calculation of the Carpet Area. Cost of Property = Carpet Area x Rate per sq. ft 2) Rate of interest on default - in case of default in payment by the buyer or default in completion of the project by the builder, the rate of interest to be paid shall be the same for both parties. 3) Reduces the Risk of Builder Insolvency/ Bankruptcy- A developer usually has several projects which are being constructed simultaneously. Earlier Builders were free to divert the funds raised from Project A to fund the construction of Project B. The builder is liable to deposit 70% of the amount realized for the project in a separate bank account. He can withdraw from such account only on the basis of completion of the project, which shall be certified by a civil engineer, architect, and chartered accountant in practice. 4) Right of the Buyer in case of False promises- In case there is a mismatch in the commitments made by the builder and the actual project, the buyer has the option to withdraw from the project, wherein he is entitled to a full refund of the amount paid as advance or otherwise along with interest and claim compensation. #realestate #building #property #finance #reelitfeelit #broker #realtor #home #homeowner #money #laws #personalfinance

August 09, 2022