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RERA in Kerala

Source : 12 Sep, 2018
Definition of ongoing projects Penalties for non-compliance Payment schedule Norms for escrow withdrawal Clause for structural defects
Diluted In Line In Line Diluted Diluted
Includes ongoing projects with conditions: Excludes all on-going projects where the promoter has received all requisite approvals/permits for the development of the real estate project prior to commencement of the Act. Imprisonment for a term which may extend up to three years, or with fine which may extend up to 10% of the estimated cost of the real estate project, or both. 10% advance payment, or an application fee from buyers while entering into a written agreement for sale. 70% (or less, as notified by the government) of the amount realised by developers to be deposited in a separate account; no clarity on withdrawal mechanism. Time frame - Within five years from possession; developers to rectify such defects without further charge within thirty days.

Note: All Inforamtion provided by third party source.

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