All real estate developers/promoters have to compulsorily register ongoing and upcoming real estate projects with RERA. Home buyers will have to pay only for carpet area. Developers/promoters will have to disclose project related details, including: project plan, layout, and government approvals related information to the customers such as sanctioned floor space index (FSI), number of buildings and wings, number of floors in each building, etc., Developers/promoters will have to transfer 70% of the money received from buyers for particular project to an escrow account. These funds should be used only to cover the cost of construction and land cost. The real estate act includes projects that are ongoing on the date of commencement of the Act that is May 1, 2017 and for which the completion certificate (CC) has not been issued. RERA 2016 recommends imprisonment for a term which may extend up to three years, or fine which may extend up to 10% of the estimated cost of the real estate project, or both, in case of non-compliance with the Act. If any developer/promoter provides false information or contravenes the provisions of registration of real estate projects – has to pay penalty upto 5% of the estimated cost of the project. Developers/promoters have to update project details quarterly on the RERA website. Any structural defect, or any other obligations of the developer/promoter as per the agreement for sale, brought to notice of developer/promoter within five years from possession to be rectified free of cost.