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RERA Protecting Homebuyers' Interests

RERA (Real Estate Regulatory Authority) is a crucial framework that protects homebuyers by ensuring transparency, accountability, and fairness in the real estate sector. It mandates developers to register their projects, disclose detailed information, and adhere to strict timelines, safeguarding buyers from delays and fraud. RERA also enforces the use of escrow accounts to protect buyers' funds and holds developers accountable for any structural defects for up to five years after possession. SK Fortune Developers proudly adheres to RERA guidelines, ensuring trust and reliability.

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RERA Protecting Homebuyers' Interests

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  1. RERA: Protecting Homebuyers' Interests 1. Mandatory Registration All real estate projects must be registered with RERA before sale. This Ensures transparency & legal compliance. 2. Project Details Transparency Developers must disclose project details so that buyers can verify these details on the RERA website. 3. Timely Project Completion Enforcing project completion deadlines. Delays lead to penalties for developers, protecting buyers from prolonged wait times. 4. Escrow Accounts Developers must deposit 70% of project funds into an escrow account. Ensures funds are used only for project construction & not diverted elsewhere. 5. Fair Contract Terms Standardized contracts with no hidden clauses. Protects buyers from unfair terms or sudden changes. 6. Defect Liability Period Developers are liable for structural defects for up to 5 years. Buyers can claim rectification without additional costs. 7. Grievance Redressal RERA provides a platform for buyers to file complaints. Swift resolution of disputes with the developer. 8. Penalties for Non-Compliance Developers face penalties for non-compliance with RERA regulations. Protects buyers from fraudulent practices. https://fortunedeveloper.in/

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