More than hundred allottees of Ocean Seven Buildtech s Expressway Towers project in Gurgaon protested at the H-Rera office demanding early completion of the project. The developer clarifies the need for additional funds to complete the project.
The Real Estate Regulatory Authority (Rera) in Uttar Pradesh has reminded developers and buyers about the payment module for projects. According to UP-Rera Act, developers are not allowed to take more than 10% advance payment before the sale agreement is executed. The sale agreement should include project details, payment dates, and possession information. Additionally, developers have been directed to sell units based on carpet area only, not super area.
“For this, a conciliation bench should be set up to resolve complaints at an early stage, which would help both parties — the allottees as well as the developer,” said Arun Kumar, Chairman, Haryana RERA (Gurugram bench)on Thursday.