Nabil Patel DB Realty: 6 Interesting Facts about the RERA Act

The RERA Act was introduced to save both the buyers and builders from frauds. It has significant changes in the realty sector. The most common issue faced by buyers earlier was a delay in the projects. This left the customers dissatisfied as they could not get the house at the time fixed. However, prominent industry leaders such as Nabil Yusuf Patel are of the view that RERA Act has put an end to such issues. Here are a few interesting facts you would like to know about the RERA Act:

A certain amount will be kept in the bank 

Nabil Patel Director of DB Realty explains that under the RERA Act, keeping 70 percent of the total amount, the builders take from the buyers, in the bank is mandatory. This deposit will have to be deposited separately in the bank and the money will strictly be used for the construction purpose only.

Delays won’t be an issue anymore 

Delays have always been a huge problem that buyers faced after making any investment. However, the RERA Act has put an end to it. Previously, the money acquired from buyers was invested in other projects. This led to delays in the earlier projects and left the customers unsatisfied. However, this will not be the case anymore.

Builder will face penalties on violation of the Act

It is mandatory to register all properties under the RERA Act. If the builder sells a project which was not registered, the buyer will be liable to pay a penalty as per the law.

Both commercial and residential projects fall under the radar of the RERA Act

In case of both commercial and residential projects, the law stays the same. All money transactions made will be monitored completely. While investing in any type of commercial project, it is ensured that the interests of the customers are protected at all times.

Proper registration of the Real estate agents 

Registration of real estate agents is mandatory. All real estate agents should be registered with the Regulatory Authority. This is because the government reckons such agents will help to reduce the chances of fraud. Also, only the registered projects will be sold by these agents.

No changes are to be made in the project without the will of the customer 

To protect the interests of the customers, serious steps have been taken. Under the RERA Act, builders will not be able to make any changes to the project once it has already started. Only when the buyers allow the builders to make changes to the project, builders can do so. Otherwise, the builder has to face consequences.