January 17, 2024: The Haryana Real Estate Regulatory Authority (HRERA), Gurgaon, has warned developers that they cannot accept advance payments or application fees of more than 10% of the cost of the apartment, plot or building, according to media reports.
The authority issued the order in accordance with Section 13(1) of the RERA Act, 2016, and Rule 8 (1) of the Haryana Real Estate (Regulation and Development) Rules, 2017.
As cited in a TOI report, the new HRERA chief Arun Kumar, has said that no promoter shall accept a sum exceeding 10% of the property cost without a written agreement for sale and registration of this agreement as per the norms.
He further directed developers to specify project particulars, payment details, possession date and other relevant information in the sale agreement (builder-buyer agreement) as prescribed under the RERA act. In a statement, the RERA chief said homebuyers must diligently check such details before investing in any property. He further mentioned that the agreement for sale should specify various project particulars, payment details, possession date and other relevant information as prescribed in the act.
As per reports, the authority has observed that homebuyers are made to pay a hefty sum in advance and has received several complaints in this regard.
Earlier in January 2024, the regulatory authority cautioned homebuyers against booking houses or flats in unregistered projects.
See also: HRERA cautions homebuyers against booking flats in unregistered projects
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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