Plagued by the growth in home buyers who cannot get their flats registered because the developer is insolvent, the government is considering whether to allow registration of flats/homes even if the developer has filed for bankruptcy
You pay installments, and in the end, the mortgaged asset becomes yours. But in reverse mortgage, it’s the opposite.You keep the ownership of your property with the bank or financial institution and, in return, receive money in installments.
In its consultation paper, the regulator noted how the current real-estate fractional ownership market lacked clear, uniform standards for property valuation and information diligence, which could adversely impact the regular buyer
According to RERA, it is the developer’s responsibility to disclose the carpet area and price of the flat. Dishonest developers sell flats by showing balconies, terraces, verandas, and empty spaces as carpet area.