Section 13 of RERA : Section 13: No Deposit Or Advance To Be Taken By Promoter Without First Entering Into Agreement For Sale
RERA
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Explanation using Example
Imagine that Mr. Sharma is interested in buying an apartment in a new housing project by XYZ Developers. The cost of the apartment is INR 50 lakhs. According to Section 13 of The Real Estate (Regulation and Development) Act, 2016:
- Scenario 1: XYZ Developers cannot ask Mr. Sharma for more than INR 5 lakhs (which is 10% of the apartment cost) as an advance payment or application fee before s...
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