This Bill will help regulate the sector and bring in clarity for both buyers and developers. Here are 10 things you should know about this bill, touted as a key reform measure in the vast real estate sector.
1. It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressal of grievances against any builder. This will happen once every state ratifies this Act and establishes a state authority on the lines set up in the law.
2. This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
3. This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the booking money for one project, thus delaying completion and handover to consumers.
4. This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers.
5. The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as this law makes it illegal. Carpet area has been clearly defined in the law.
6. Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer.
7.The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
8. The buyer can contact the developer in writing within one year of taking possession to demand after sales service if any deficiency in the project is noticed.
9. The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This puts paid to a common and unpopular practice by developers to increase the cost of projects.
10. Lastly, every project measuring more than 500 square metres or more than eight apartments will have to be registered with the RERA.
Plan S Business Space at Nerul , Navi Mumbai is central location which has connectivity to the futuristic TansHarbour Link and other existing connectivity. It’s a great place to invest in specially for entrepreneurs and others business also as the office is very competitively priced with state of the art amenities.
Proviso Group in its latest offering 10% Cash Back on property purchase as mentioned above . It is a good time to buy these property . Proviso Group is a well known reputed builder in Navi Mumbai and have in the past delivered projects on time . There Board off directors are from IIT and VJTI and are well known for transparency and timely delivery.
PLAN S by Vishwagreen Realtors is a Commercial business Place which would redefine the way how business needs to be showcased . It is Navi Mumbai’s first Certified Green Building by IGBC.
A G+32 Storey Elevation with Retail Spaces On Ground Floor with Glass façade elevation would look awesome when ready. PLAN S greets you with 28 Ft. height designer air conditioned entrance lobby ,compliments your business by providing you Leisure zones ,Concierge services, Shuttle Bus Service, 6 level covered parking areas, Concierge services , Valet Services, Full building Wi-Fi connection etc .
It also has state-of-the art Gymnasium , Indoor and outdoor games ,Along with CAFE S for your meals , Snack etc. It also has conference facilities like Video conferencing, Overhead projector, Flipchart / Whiteboard
Location advantage ;
- Navi Mumbai International Airport – 10 to 15 Min.
- Industrial Zone – Upcoming Five Star Hotels
- Nerul Station – 5 to 10 Min.
- Belapur Station – 25 Min.
- Juinagar Station – 5 Min.
- Sion – Panvel Highway – 2 Min.
- DY Patil Stadium Across The Road
- Close To Nerul Bus Depot – 5 Min.
- Close To Belapur Court and Other Government
- JNPT Port – 30 Min.
- Proposed MTHL (Mumbai Trans Harbour Link)
- Surrounded By Banks and Other Commercial Activities.