10 Ways in which RERA has protected the interest of homebuyers:

RERA-Act

1. Property developer is liable for compensating the homebuyer for any loss or damage caused due to incorrect/ false statement made in the prospectus or notice of advertisement.

2. Property developer is prohibited from taking more than 10 per cent as advance from the buyers without entering into a written agreement for sale.

3. Interest payable by the property developer and the buyers in case of default to be specifically mentioned in the agreement for sale. Also, the interest rate is to be as per rates prescribed which is being benchmarked based on SBI prime lending rate.

4. Any structural alteration/ addition to the sanctioned plan to be made only after obtaining a written consent of at least 2/3rd of the buyers (other than the developer).

5. Transfer of real estate projects to third parties would now require written consent of 2/3rd of the buyers and RERA.

6. Any failure on the part of the property developer to hand over the possession of the property in accordance with the agreement for sale would empower the buyers, at their will, to withdraw from the project and demand refund of the amount paid along with prescribed interest.

7. Developer will now be responsible for fixing structural defects in the property for five years after transferring the property to the buyers. Also, such repair work needs to be completed in a prompt manner within 30 days of receipt of written complaint from the buyers.

8. Any loss caused due to defective title would have to be compensated by the developer.

9. Real estate agents will also be required to be registered under RERA.

10. Non-compliance of provisions of RERA will attract a penalty or/ and imprisonment up to a maximum of three years.

The intent of RERA is loud and clear – satisfaction of homebuyers and providing them value for their money.  The only show stopper is that the State Governments have been given the right to frame rules under RERA and notifying the RERA authorities for the respective states.  The State Governments have been extremely slow in this aspect.

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Durga Petals: A Symbol of Your Achievement

lifetime achievement (1)

“Achievements First”! The defining motto that oversees everything that we do and defines everything that we are. Achievements can take many forms and complexities. It could be something as simple as starting your first exercise routine to getting a promotion at work. Regardless of the type of achievement, the inert nature of achievements is that it acts as a confidence booster and provides a learning experience no matter how simple it is. The very fabric of achievements is that they act as success enablers in our life. They are with us all the time, sitting on our shoulders as crown jewels signifying and reminding us that it’s not the last and there are miles to go.

You’re a successful professional, a winner by your own right. You’ve earned a good place in your life. All you need now is an address to match. Fostering Urban Achievers, Durga Petals is the celebration of your achievements, spread over 5 sprawling acres, finished with 8 towers. Petals are the wings to your achievements, your zeal to achieve more and an address that truly mirrors the winner in you. Situated at Marathahalli Outer Ring Road, laced with 40+ amenities, the apartment complex has up to 70 percent open spaces and is finished with various zones catering to everyone’s needs. The 2.5 and 3 BHK apartments are a true reflection of your aspirations. Designed for comfort and crafted for quality, the towering apartment complex is the first digital healthcare enabled residential complex.

With 504 success stories to the house, Petals has got all the ingredients for a bestseller compilation. Stepping away from adjustments, the residential apartment complex is, by all means, an address to your achievements. At Durga Petals we don’t just present you with keys to your home, but rather a ‘Lifetime Achievement’ award as a celebration of the milestones achieved by you.

For more information on investing in Bangalore’s booming Outer Ring Road, visit us at our Experience Centre in Doddenakundi or click on www.durgapetals.in