|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.