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RBI has directed all banks not to provide loans to real-estate players who are yet not registered under RERA. This will encourage the real-estate player to understand the requirement of RERA Registration. In this article we will look at this news in detail.
As per a report, an official from PSU bank stated that RERA protects home buyer’s interest however it doesn’t secure banks’ credit. If a builder commits fraud and loan turn bad then there is a provision in the interest of customers but no protection is there for banks with respect to loan granted. Therefore this decision had to be taken.
Under RERA, there are fines and penalties that are prescribed, if a developer doesn’t comply with delivery guidelines or if a builder is not registered under RERA before dealing in Real Estate. In case you have any query related to RERA Registration, contact Enterslice.
Read our article: Statutory Provisions of RERA: Registration Process, Documents, Offences, etc.
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