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!
