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Post RERA registration, ensure timely project updates, quarterly progress reports, and compliance with all disclosure norms on the RERA portal.
Yes, an approved project plan can be altered after RERA registration, but only with prior consent from allottees and approval from the competent authority.
RERA registration ensures legal credibility, boosts buyer confidence, and enables smoother project approvals and sales.
To avail a working capital loan for a real estate business, submit project details, financials, RERA registration, and collateral documents to the bank for evaluation and approval.
A RERA-designated bank account is mandatory for depositing 70% of project funds and ensures regulated usage, unlike a normal current account used for general business transactions.
Funds can be withdrawn from a RERA bank account only in proportion to project completion, certified by an engineer, architect, and CA.
Documents required for RERA include title deed, approved building plan, encumbrance certificate, project details, promoter’s ID proof, and legal approvals.
Maximum penalty can go up to 20% of the project cost plus imprisonment.
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