To regulate the real estate sector, government has introduced RERA – Rea Estate Regulatory Authority Bill which is expected to help the buyers. This act was introduced in year 2013 but got approved in last year. RERA – has finally come into effect, and experts say it will help consumers breathe easy and bring back confidence in the sector. It is also expected to ensure timely completion of the project.

Key points of the RERA Act –

1. RERA mainly protects the buyers. Buyer is the king in the real estate. 
2. As per RERA, real estate developers & agents need to register with State Real Estate Regularity Authority before 30th July 2017.
3. As per RERA, real estate developer has to deposit 70% of the funds collected from Buyer in separate bank account, this amount will be solely used for the project. Apart from that if the amount is used for some other purpose, then the penalty with imprisonment will be charged.
4. New projects should obtain all approvals before the launch of the project.
5. No structural changes without buyer’s consent.
6. In case of delay of projects or the commitment given earlier to  the buyers, the real estate developer can be penalized f or 3 years of imprisonment.

RERA has changed lot of things in the real estate business sector.  Linc Property Developers Pvt Ltd, is one of the top real estate developers in goa. Linc has always been considered for it’s quality of service and trust developed among the buyers. For any queries related to RERA act, the Linc is able to figure out the best possible solutions for the queries.