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RERA is an act for coordination and progression of the real estate sector to secure the sale of residence, area or building efficiently and transparently. The Act aims to defend the profit of purchasers.
The implementation of RERA is assumed to bring relief to the homebuyers as contractors will be responsible for the timely performance of the schemes and to protect consumers from fraud sellers. The developers would also obtain from the improved resolution of the customers in a managed environment.
The developers must get all permissions from several government offices before launching a project and disclose all the information on the website that the particular state RERA regulatory authority will set up.
Real estate agencies will be provided a registration number by the regulator which they have to mention in every estate sale. This will help in reducing the chance of deceiving and cheating the purchaser. The authority has wide-ranging powers to impose fines and imprisonment of agents in case of violation of the law.
Following documents should be enclosed in hardcopy with the application:
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