RERA DISCLAIMER BY NICHE BUSINESS SOLUTIONS

THIS DISCLAIMER IS BY RULE TO CARRY FORWARD ETHICALLY INTEGRATED POLICY OF PRACTICE BY NICHE BUSINESS SOLUTIONS AS REAL ESTATE BILL IS NOW AN “ACT” WITH STATUTORY PROVISIONS ENFORCEABLE TO THE CONTRARY MISLEADING PRACTICES AND PROCEDURAL DEVIATIONS WHICH IS HEREBY WHEREFORE


The Real Estate Act makes it mandatory for all Commercial and Residential Real Estate projects where the land is over 500 square meters, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For all on-going projects which have not yet received completion certificate on the date of commencement of the Act, will have to seek registration within 3 months. Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA. On successful registration, the promoter of the project will be provided with a Registration Number, Login Id and Password for the applicants to fill up essential details on the website of the RERA. For failure to register, a penalty of up to 10 percent of the project cost or three years' imprisonment may be imposed. Real Estate agents who facilitate selling or purchase of properties must take prior registration from RERA. Such agents will be issued a single registration number for each State or Union Territory, which must be quoted by the agent in every sale facilitated by him.


AND, WHEREAS, NICHE BUSINESS SOLUTIONS (NBS), BEING WEBSITE DEVELOPMENT AGENCY OF YOUR REAL ESTATE ENTITY WORKS SHALL NOT BE LIABLE FOR ANY ASCERTAINED OR UNASCERTAINED AND / OR LIABLITY/IES for M/s MODERNDEVELOPERS AND PROMOTERS PRIVATE LIMITED (REAL ESTATE ENTITY) OF WHATSOEVER NATURE ARISING OUT OF MATERIAL DEFECTS/DEFICIENCIES IN THE NATURE OF COMPLIANCE AND REGULATORY MEASURES BY RERA ACT AND ALLIED PROVISIONS RESTRATINING BUSINESS PORTFOLIOS OF THE ENTITIES ENTERING INTO CONTRACTUAL OBLIGATIONS OF M/s MODERNDEVELOPERS AND PROMOTERS PRIVATE LIMITED WITH ANY ENTITY SPECIFIC OR ENTITIES.