Real Estate Act : Government about to set rules to implement this act!


    The Central Government is ready to notify the rules about the ‘Real Estate Regulation and Development Act (RERA)’ which in turn will make all the buildes to pay atleast 12% of interest to home buyers if they delay in handing over the apartments.

    This comes as a good news to all the home buyers as many of them are facing the inadequate promises made by high end Reality business persons that to pay a fixed amount now to book a slot or an apartment under their name , but even after paying the whole humungous amount , the home buyers are left in lurch!

    So the rules will be first rolled in the Union Territories , as in Chandigarh , Daman and Diu , Andaman and Nicobar , Lakshwadeep , Dadra and Nagar Haveli. And in Delhi , the rules will be implemented in a month’s time , and then will be passed on to states like U.P. , Haryana , Gujarat , M.P. Punjab , Maharashtra , Goa and then to other states.

    As the home buyers have lost their much needed confidence in this sectors due to a large delay in getting their homes/apartments , this real sector business hit the nail and had seen an unprecedented slowdown. But now the developers say that with the implementation of these rules , we will win back their confidence and also help revive their real estate sector.

    So be ready all the home buyers , government is about to notify the rules and the regulations as outlined in the Act very soon!



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