NEW DELHI: Real estate regulatory authorities have asked developers to adopt transparent practices and avoid misleading advertisements, warning that non-compliance with provisions of the Real Estate (Regulation and Development) Act (RERA) could invite regulatory action.
\nSpeaking at a FICCI real estate conference in New Delhi, Anand Kumar, chairman of Delhi RERA, said developers should ensure that project advertisements accurately reflect the offering and are not based on unverifiable claims.<\/p>\n
“Advertisements should be realistic. Developers must clearly disclose details such as the covered area and avoid selling units solely on super area basis,” he said, adding that lack of transparency often leads to disputes between buyers and builders.
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He also cautioned against offering assured returns, stating that such schemes are not permitted under RERA. \u201cAny financial incentives must be transparent and compliant with the law. Buyers should not be misled by promises of fixed returns,\u201d he said.
\nKumar emphasised that developers should not accept more than 10% of the property cost before executing a registered agreement for sale, calling it a key safeguard for homebuyers. He added that both developers and buyers should familiarise themselves with RERA provisions to reduce disputes.<\/p>\n
He also flagged issues related to \u201cvirtual space\u201d sales and fractional ownership structures, cautioning buyers to verify legal ownership frameworks before investing.
\nSanjay R Bhoosreddy, chairman of Uttar Pradesh RERA, said regulatory oversight has helped improve compliance and consumer protection in the sector, particularly in ensuring timely completion of projects and adherence to occupancy and completion certification norms.<\/p>\n","protected":false},"excerpt":{"rendered":"
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