In the second blog in this series, we spoke about the some of the important definitions of RERA Central Act, 2016.
Let’s take a look at some more important definitions (words starting from F to Z) under RERA Central Act, 2016.
Family means husband, wife, minor son, an unmarried daughter who is wholly dependant on her father.
A Garage is a covered parking area of the building. It must have a roof and walls on three sides for parking any vehicle. A garage does not include open parking areas.
Immovable Property includes land, buildings, internal roads, lights or any permanent structure that is attached to the earth. It does not include standing timber, crops, or grass.
Interest is the rate of interest that is paid either by the promoter to the allottee or vice versa in case of default.
If the promoter defaults, he pays back the money he collected from the allottee along with interest calculated at the rate mentioned above. The period for calculating the interest starts from the date he received the money to the date he refunds it.
If the allottee defaults, he pays to the promoter the interest from the date he defaults till the date he pays the amount due to the promoter.
Internal Development Works includes roads, footpaths, water supply, sewers, drains, parks, landscaping, solid waste management, water conservation, energy management, fire protection, and fire safety requirements, and public amenities inside the building as per the sanctioned plans.
Local Authority refers to the Municipal Corporation, Municipality, Panchayats, or any other local body that provides municipal services in the area under its jurisdiction.
Occupancy Certificate is issued by the competent authority certifying that the building can be occupied as it has all the facilities such as water, sanitation, and electricity and is approved by the Local Authority.
1. A person who constructs or converts an independent building consisting of apartments, or converts an existing building or part of it into apartments for sale to the general public.
2. A person who develops the land into plots of different or same sizes for sale. Sometimes, he also constructs houses on the plots before selling it.
3. A person who does not develop the building or land, but sells the developed apartment or plot is also a promoter.
4. A person who holds a power of attorney from the owner of the land to construct an apartment or a plot, and calls himself a builder, contractor, developer, coloniser, or estate developer.
5. An apex State level co-operative housing finance society and a primary co-operative housing society that constructs apartments or buildings for its members.
6. Any development authority authorised by the Government to construct or develop buildings, apartments, or plots for sale.
RERA specifies certain functions and responsibilities that must be followed by the promoter.
Real Estate Agent is a person who introduces the prospective buyer and seller to each other. He receives a fee in the form of a commission equal to a fixed percent of the value of the property. The fee is fixed and is agreed by the buyer and seller. The property can be a plot, apartment or a building. He negotiates the transaction between the prospective buyer and seller.
Real Estate Project includes the development of a building into apartments, land into plots or apartments, or improvement of existing building into an apartment. The real estate project is developed to sell apartments, plots, or houses. It includes the common areas, the external and internal development works, and all improvements to the structures.
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By: LOTUS TECH