Parsvnath - Flats in Greater Noida

The rules under the Uttar Pradesh Real Estate (Regulation & Development) Act had cheered homebuyers across the state. In particular, the real estate consumers in Greater Noida have been looking forward to the setting up of regulatory authority to rescue them from the pain of delayed possession and unexpected modifications of building plans/ buyout.

Many developers offer quality flats in greater Noida , but we should be confirmed before buying the property that it is registered under RERA Act. If you are looking to book your home or residential property in Greater Noida, you must be familiar with the important aspects associated with RERA so that you can make the most out of your investment.

Registration

The registration of real estate projects and broker is a mandatory requirement under the RERA Act. However, while the center quantified this requirement for plot area size more than 500 sq. m. or with eight apartment units, UP RERA does not have any clear specifications about the minimum project size.

Ongoing Projects

The ongoing projects that are under construction will also come under this act and the developer will have to pay 70% of the total amount received from the customer into different bank accounts within the period of three months starting from the date the project is registered.

Sale based on carpet area

It is essential to declare the size of the home depending on the carpet area whether sold before the introduction of RERA. It is been done to ensure the transparency between the buyer and seller.

Clear Titles

UP RERA rules direct promoters to provide a copy of the legal title report and details of any encumbrances.

These are some of the basic aspects included in the RERA Act, apart from these there are many more. The buyers can check the rest at the UP RERA Act official website. If the real estate developer does not register his property under RERA Act or delay the possession process then they may have to face many legal implications like-

Equal Penalty- Now under RERA Act developers have to pay a compensation amount to the customer, this account to about 11-12 % rate of interest that includes the lending rate as well.

Imprisonment – Developers, agents, and customers all have to follow the rules laid down under the RERA Act, in case of the rule not followed then imprisonment is the only option.

Buyers looking for apartments in greater Noida should consider Parsvnath Developers as they offer the most premium apartments in Greater Noida with amazing amenities and specifications. These apartments designed to offer complete luxury to the buyers in every aspect. Parsvnath projects are registered under RERA Act so the buyers need not worry about the possession or quality.

Searching for luxury property in Greater Noida, go to Parsvnath Developers and get the property at a fair price.

Parsvnath Developers is the best real estate developer in India offers its various property all over India. Parsvnath Developers Limited has a diversified portfolio which includes, Integrated Townships, Group Housing and Commercial Complexes.