Real Estate Rules

Q.  Which of the following is/are true regarding recently notified Real Estate Rules?

1) 60% of unused amounts collected for on-going projects should be kept in a separate bank account.
2) To incentivize registration of projects and Real Estate Agents with Regulatory Authorities, fee for the same has been reduced by half.
- Published on 02 Nov 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • The developer, within three months of applying for registration of a project with the Real Estate Regulatory Authority shall deposit in a separate bank account , 70% of the amount collected and unused for ensuring completion of on-going projects.
  • To incentivize registration of projects and Real Estate Agents with Regulatory Authorities, fee for the same has been reduced by half based on suggestions from promoters for reduction of fee.
  • A cap has been placed on the total amount of registration fee based on the suggestion of real estate bodies.
  • Fee for renewing registration of projects with the Regulatory Authorities would be half of the registration fees.

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