After the implementation of the RERA Act, there have been increased transparency and uniformity across the real estate sector. RERA has brought about several positive changes in different facets of the industry. Here are some key benefits of the RERA Act:
Offense | Penalty |
---|---|
Non-registration of a project | Up to 10% of the estimated cost of the project |
Providing false information about the project | Up to 5% of the estimated cost of the project |
Violation of laws | Either 10% of the estimated project cost or imprisonment for up to three years |
Severe non-compliance with RERA | The daily penalty of up to 5% of the estimated project cost |