What happens if builder delay possession Rera?

What happens if builder delay possession Rera?

What are the RERA penalties for the delay in possession? Under the RERA act, builders can be imprisoned for up to three years, or have to fill a fine extended to 10\% of the estimated cost of the real estate project, or both, if being non-compliant with the Act.

How builders cheat the home buyers?

Builders have always been accused of diverting and misusing funds collected by buyers from booking of property. There are also many a number of infamous cases where builders have not delivered projects even after collecting amounts from buyers.

What happens if Rera is rejected?

If it has not been done properly, some of the queries can be asked by the officers. In case the queries have not been cleared by the developer or the promoter, then the application for the registration of the project can get canceled. The Rejection by RERA authority can also trouble the allottee in the project.

How do builders cheat buyers even after Rera is in place?

Title fraud is one of the most common ways, builders cheat homebuyers. Even individual sellers employ this technique to make money. Under this fraud, sellers create fake title deeds and pretend to be the owners of the property. After creating the fake title deeds, sellers sell the property to innocent buyers.

What does RERA approval mean?

RERA stands for Real Estate Regulations Act and was introduced in 2016 to protect the interests of the home buyers. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.

What can I do if Builder doesn’t finish job?

If you haven’t paid over and the work up to this point has been of a good standard and on time, then a good option is to try mediation where you can negotiate and resolve the issue without incurring legal costs. Give the builder notice of 7 or 14 days to come back and finish the work.