Understanding RERA's Influence on Chandigarh's Real Estate
The Real Estate Regulatory Authority has reshaped Chandigarh's property scene since its implementation. Under the jurisdiction of Punjab RERA, this regulatory framework ensures developers stay transparent while safeguarding buyer interests.
Mandatory Project Registration Requirements
Developers can't advertise or sell properties without Punjab RERA registration. Projects over 500 square meters or with eight apartments need mandatory registration. This process demands full disclosure of project details, including land status, contractor info, and completion timelines.
Failure to register leads to serious penalties. Non-compliant developers face fines up to 10% of estimated project costs, with potential imprisonment extending to three years.
Financial Protection Through Escrow Accounts
RERA requires developers to deposit 70% of buyer funds into dedicated escrow accounts. This ensures money gets used solely for construction purposes, preventing fund diversion to other projects.
Buyer Rights and Protection Mechanisms
Homebuyers enjoy enhanced protection under RERA's framework. Developers must provide accurate property info, ensuring informed investment decisions. The Act establishes swift dispute resolution mechanisms, cutting out lengthy legal proceedings.
Real Estate Agent Regulations
It is mandatory to register all property agents with Punjab RERA and follow strict guidelines. Each agent gets a unique registration number, quoted in every transaction they facilitate.
Accessing Approved Project Lists
Buyers can check projects online through Punjab RERA's official website. The approved projects section offers comprehensive developer info, project timelines, and approval status.
Compliance Monitoring and Penalties
Chandigarh RERA actively monitors compliance, penalizing violations efficiently. This proactive approach keeps market integrity while building consumer confidence in real estate investments.