Real Estate Regulatory Authority (RERA) Bill
Few important points
1. Society to formed once 51% of the flats booked even if the project is Under construction. This I feel will have a greater impact on Developers as there will be 2 Authorities checking on you ie. RERA and the CHS.
3. Plans and layouts can be changed only with the permission from 2/3rd buyers.
4. To update the project details in 3 months but it was suggested to do it asap.
5. If the project is being done phase wise and if in the 1st phase we are not providing common amenities like Club House etc.then we cannot put ads and make brochures showing common amenities.
7. At the time of registration they are asking details of past 5 years projects done and even what was the possession date promised and when was possession given.
8. Details of FSI proposed and approved.
9. Project cost estimation where in we have to bifurcate the Land Cost and the Construction cost. I feel this will make public how much is a Developers profit.
10. Estimated figures given can be changed. But there is lot of information which cannot be changed. So have to be careful will putting information.
11. Ongoing projects have window of 3 months to register but was suggested to do it asap to avoid last moment delays.
14. Everything will be online (may take a year) so no need to go to RERA office except for complaints hearings.