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News Big bonanza for home buyers: Real Estate Act comes into force, just 13 states notify rules so far Big bonanza for home buyers: Real Estate Act comes into force, just 13 states notify rules so far Big bonanza for home buyers: Real Estate Act comes into force, just 13 states notify rules so far New Delhi: The much-awaited Real Estate Act comes into force from Monday (May 01) with a promise of protecting the right of consumers and ushering in transparency.The government has described the implementation of the consumer-centric Act as the beginning of an era where the consumer in king. Real estate players have also welcomed the implementation of the Act, saying it will bring a paradigm change in the way the Indian real estate sector functions.</p><br><p>The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1.</p><br><p>The developers will now have to get the ongoing projects that have not received completion certificate and the new projects registered with regulatory authorities within 3 months from 1 May.</p><br><p>-Depositing 70% of the funds collected from buyers in a separate bank account in case of new projects and 70% of unused funds in case of ongoing projects.</p><br><p>-Both developers and buyers to pay the same penal interest of SBI’s Marginal Cost of Lending Rate plus 2% in case of delays.</p><br><p>-In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers.</p><br><p>-All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress.</p><br><p>-Liability of developers for structural defects for five years: RERA also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter, without any further charge, within 30 days. If the promoter fails to do so, the aggrieved allottee is entitled to receive compensation under RERA.</p><br><p>-Imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of Appellate Tribunals and Regulatory Authorities.</p> sdfdsf
Doon Shiva Construction

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Shiva Constructions

Shiva constructions has realized your dreams of living in the lap of luxury home with a relaxing environment. So gear up for a new way of living - our way of living !.we have an unblemished record of over of all their projects before the committed dates and to the entire satisfaction of their valued customers.

We shiva constructions contractor and real estate agent is a team of highly qualified and experienced people with a proven track record of more than "Many YEARS" in the feild of construction . We claim to have provided economically viable, structurally sound and architecturally beautiful homes to a very long list of our satisfied customers. We are residential property developers offering luxurious villas, Residencial House, Kothi, Hospitals, School and luxurious mansion for constructions and sale.

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