IMPACT OF RERA ON INDIAN SOCIETY
Advocate Kamal K Anand gives an overview of the Impact of RERA on various sectors
Impact on Brokers
• The broker shall be liable to a penalty of ten thousand rupees (10,000) everyday in case of default. It may cumulatively extend up to five percent (5%) of the cost of plot, apartment, land or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.
• In case of any further indulgence in unfair trade practices, a broker can get an imprisonment of 1 year.
• Up to 5 % of the property cost for non-compliance with the orders of REM.
• Up to 10% of cost, imprisonment of up to 1 year or both for non-compliance with the orders of the Appellate Tribunal.
• It is hoped that the new law RERA will bring trust and transparency in Real Estate Sector in India. It is further hoped that this Act will ensure healthy and ordinarily growth of the Real Estate Sector.
The author is Founding and Managing Partner of Anand Law Practice. He can be reached at KamalKAnand@yahoo.com, firstname.lastname@example.org —