The ‘Agreement for Sale’ rules under the provisions of RERA Act for Union Territories (UTs) have been framed without legislatures and sent to the states and UTs for adoption besides redressal of the issues of stalled project across Noida, Greater Noida and Yamuna Expressway Authorities. Under the chairmanship of Secretary of Ministry of Housing and Urban Affairs, a high-level committee was constituted by the Uttar Paradesh Government.
The ministry has further sent its recommendations to Uttar Pradesh State for the necessary action. The information was provided by Minister of State for Housing and Urban Affairs Kaushal Kishore. Seeking to protect the interest of homebuyers the Section 4 of RERA has made the provision for compulsory deposit of 70% of the realised amount for real estate projects received from the allottees in a separate bank account.
Inter-alia RERA also makes the promoter liable for refunding the amount towards compensation and interest in-case the developer fails to complete or is unable to give possession plot, or an apartment, building to the home buyers according to the terms of the sale agreement.