Builder can`t take over 10% project cost from buyer as advance or application fee: RERA
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The Real Estate Regulatory Authority (RERA) said on Tuesday that no promoter should accept more than 10 per cent of the cost of a flat, plot or building as an advance payment or application fee.
Following Section 13(1) of the RERA Act, 2016, and Rule 8 (1) of the Haryana Real Estate (Regulation and Development) Rules, 2017, all prospective and existing allottees are hereby informed by the Authority about the regulations governing the acceptance of advance payment or application fee for real estate projects.
According to the RERA Act, 2016, no promoter should accept a sum exceeding 10 per cent of the cost of an apartment, plot or a building without a written agreement for sale and registration of the said agreement.
The agreement for sale should specify various project particulars, payment details, possession dates and other relevant information as prescribed under the Act.
Additionally, as per Rule 8(1) of The Haryana Real Estate (Regulation and Development) Rules, 2017, the agreement for sale will be as per Annexure "A", which can be accessed through the following link: Haryana RERA Rules 2017.
"All allottees are advised to take note of the aforementioned regulations when purchasing any unit/plot/apartment for residential/commercial/industrial/IT/any other usage," it said.
