The Real Estate(Regulation and Development) Act will be a blessing in disguise for home buyers, including those who have still not got possession of their properties. According to the Act, every ongoing and under-construction project is supposed to come under the regulator’s ambit.
To operationally cover an ongoing project, the developer has to first get it registered with the regulatory authority of the state, and will be given three months’ time from the date of commencement of the Act, to get it registered. Registration is mandatory for all commercial and residential real estate projects where the land is over 500sqm or includes eight apartments. Failure to do so will attract a penalty which may be up to 10% of the project cost, and a repeat offence could land the developer in jail.
Read more: Times of India