Many developers offer quality flats in Greater Noida, but we should
be confirmed before buying the property that it is registered under RERA Act.
If you are looking to book your home or residential
property in Greater Noida, you must be familiar with the important aspects
associated with RERA so that you can make the most out of your investment.
Registration
The registration of real estate projects
and broker is a mandatory requirement under the RERA Act. However, while the
center quantified this requirement for plot area size more than 500 sq. m . or
with eight apartment units, UP RERA does not have any clear specifications
about the minimum project size.
Ongoing Projects
The ongoing projects that are under
construction will also come under this act and the developer will have to pay
70% of the total amount received from the customer into different bank accounts
within the period of three months starting from the date the project is
registered.
Sale based on carpet area
It is essential to declare the size of the
home depending on the carpet area whether sold before the introduction of RERA.
It is been done to ensure the transparency between the buyer and seller.
Clear Titles
UP RERA rules direct promoters to provide a
copy of the legal title report and details of any encumbrances.
These are some of the basic aspects
included in the RERA Act, apart from these there are many more. The buyers can
check the rest at the UP RERA Act official website. If the real estate
developer does not register his property under RERA Act or delay the possession
process then they may have to face many legal implications like-
Equal Penalty- Now under RERA Act developers have to pay a compensation amount to
the customer, this account to about 11-12 % rate of interest that includes the
lending rate as well.
Imprisonment
– Developers, agents, and customers all have to follow the rules laid down
under the RERA Act, in case of the rule not followed then imprisonment is the
only option.
Buyers looking for apartments in Greater Noida should consider Parsvnath Developers as
they offer the most premium apartmentsin Greater Noida with amazing amenities and specifications. These
apartments designed to offer complete luxury to the buyers in every aspect.
Parsvnath projects are registered under RERA Act so the buyers need not worry
about the possession or quality.
Searching for luxury property in Greater Noida, go to
Parsvnath Developers and get the property at a fair price.