Haryana's Real Estate Regulatory Authority (HRERA), Gurugram, has imposed a crucial safeguard for homebuyers by limiting advance payments for units to a maximum of 10, a report by The Tribune said.
Aligned with the RERA Act, 2016, and Haryana Real Estate Rules, 2017, this move aims to shield buyers from financial losses when developers abandon or delay projects.
The directive addresses a common issue where homebuyers pay substantial amounts upfront, often depleting their savings, only to face project delays.
The HRERA order emphasizes adherence to regulations and serves as an added safety measure for homebuyers, preventing potential exploitation by unscrupulous developers, the report added.