Important RERA Rajasthan Facts for Home Buyers

Raj RERA, or the Rajasthan Real Estate Regulatory Authority, was established on March 6, 2019. Despite the fact that the rules were announced and the website was launched for citizens on June 1, 2017, The Rajasthan RERA Act was implemented with the goal of increasing transparency in the real estate sector and creating a customer-friendly market. RERA encourages builders and developers to register with it and provide information about their projects. Furthermore, it provides an open platform for homebuyers to register their questions and complaints.

So, if you are a home buyer in Rajasthan, we at Truehomes24 have compiled a list of important facts about the Raj RERA Act that you should be aware of.

Real Estate Project Registration

All commercial and residential real estate companies are required to register their projects and provide details. The company will be unable to advertise, market, book, or sell any plot, apartment, or house unless it registers with RERA.

Penalties for failure to register

If real estate developers fail to register in accordance with the RERA Act, they will face a penalty of up to 10% of the estimated project cost. If they are found to be violating the Act again, they will face imprisonment for three years or less. They may even be entitled to a fine payment of up to 10% of the total project cost.

Real Estate Agent Registration

According to the Act, every real estate agent must be registered with RERA before engaging in the sale or purchase of a property. If he continues to conduct business, he will be charged a penalty of 10,000/- rupees for each day the default continues. The fine may total up to 5% of the project's total cost.

This feature would allow home buyers and tenants to distinguish between reputable and fraudulent agents.

Complaints from customers

Customers can file complaints against officers who violate any of the act's rules, regulations, or provisions, according to the RERA Act. RERA can provide an adjudicating mechanism to expedite the resolution of complaints. If the customer is dissatisfied with the resolution, he may file an appeal with the High Court.

Financial guidelines

According to the act, the builder or real estate developer may not charge more than 10% of the project cost as an advance payment unless a written sale agreement is entered into. Furthermore, 70% of the money received from the buyers must be deposited in a separate account and used only for construction and land costs.

Transparency

To maintain transparency, details about registered projects must be made available online, and the sanctioned plan must match the exact construction. The customer is not obligated to purchase the property if there is a discrepancy between the proposed plan and the project's exact layout. If a developer commits this act, he must repay the buyer's entire investment as well as a monetary penalty.

Buyer Protection

The buyer has the right under the Act to obtain complete and detailed information about the property. No changes or additions to the approved plans may be made without the approval of at least two-thirds of the allottees. If the developer fails to complete the project within the time frame specified, he must pay interest for each month of delay. Furthermore, the real estate developer will be responsible for the correction of any structural flaws or poor quality construction.

Final Thoughts

the implementation of Raj RERA and the regulation of property construction and sale procedures have resulted in a more customer-centric mechanism that aims to provide customers with a sense of security when purchasing a property.

Truehomes24 is one of India's leading real estate and property websites, listing RERA-registered real estate companies and agents and inviting citizens to buy and sell property in the most ethical manner.