Is It The Right Time To Buy Property

Oct 16, 2017 Share

Real Estate Regulatory Authority (RERA)- It has, quite undoubtedly, become one of the most talked-over topics in the real estate. Receiving a lot of applause from the buyers, RERA has already started paving its way towards more perfection and precision. While the agents have initiated claiming for projects they are putting on sale would be biddable to RERA act, the buyers have also started making sure that the projects they are going to buy are registered under RERA. However, amidst the entire drone, the most disputable question among the buyers doing the rounds was whether it is a right time to buy a property.

With the RERA act mandating the fact that every state has to draw up its own relevant regulations, every province has already started working on this and it’s expected that within a year, the act would be able to bring in a sheer transparency to the entire sector. Among a few states that have taken the guidelines sincerely, Maharashtra’s been the first one to bang the barrel. Nevertheless, all the 27 states are anticipated to follow the trail shortly.

Real estate Act was officially implemented on 1st May, 2017 with boosting up the home buyers’ interest and giving the builders the most required chill.

No more tweak or delayed completion- RERA act requires the builders to put down 70% of the amount received from the home buyer in a separate escrow account entitle for each project. In case, the developer would want to change the layout after the sales, he will not be free to make such tugs any time he wants; he has to get the approval from the buyer instead. Also, for delayed completion, the developer has to pay penal interest of certain amount and also, imposition of heavy penalties will be applied on those who would be violating the rules stated in the RERA act.

After sales service is guaranteed- According to RERA India, the investor has every right to ask for after sales service within one year of possession. At the same time, the builder is always bound to provide the buyer with the same once the deal is done.

Quality project- Flaunting a great drop off in the number of delayed projects and increase in the number of quality projects, the real estate act has been applauded in every possible way.

Complete transparency- RERA law offers a single window for every home buyer to check the complete credentials of the entire project, thereby lessening all kinds of uncertainties and doubts relating to the purchase.

No more legal dispute- Before the implementation of RERA rules, the home buyers have often been the ones to bear the ill upshots whenever any property transaction would go skewed. It was always the buyer who had to make compromises and get locked in several legal disputes. Nevertheless, with RERA in effect, all the brunts are expected to come to a sheer halt, thereby letting the home buyers rest in solace.

To conclude, for the home buyers investing on properties under RERA are actually going to be benefitted by this. RERA in India will definitely trail through a long path in rejuvenating customer confidence in this knotty and high-priced real estate market.

Also See

Gera Adara image
Gera Adara Hinjewadi

Pristine Pacific ambegaon
Pristine Pacific Ambegaon

Share Your Comment 0 Comments

Investment Opportunities

  • Price on Request
    Ganga Platino III , by Goel Ganga Developments presenting premium 2 & 3 BHK XL Residences in Kharadi, Pune. Luxurious livin...
  • ₹ 66.72 L - ₹ 73.27 L
    Overview Nyati Elysia II, a residential project by Nyati Group offes 2 BHK premium homes in Kharadi, Pune. Experience the harmo...
  • Duville Riverdale Heights, by Duville Estates, presents an array of 1 bhk & 2 bhk new launch flats at Kharadi, Pune. An ideal...
  • Price on Request
    Purvankara presents Purva Silversands 1, 2, 3 and 4 bhk apartments project in Keshav nagar, Pune which is a project spread across...
  • Vascon and Clover Builders brings to you Forest County spacious 2 bhk and 3 bhk new launching apartments in Kharadi, An 18 acres l...
  • Price on Request
    Vascon and Clover Builders brings to you Forest County 2 bhk and 3.5 bhk under construction apartments in kharadi, An 18 acres lu...
  • ₹ 65 L - ₹ 85 L
    Godrej Properties Launching Pune’s first community dedicated to Healthy living, Godrej Rejuve at Keshavnagar. A remarkable p...
  • Price on Request
    Vascon Forest Edge developed by the Vascon Group, the under construction residential apartments in kharadi with wide range of amen...
  • ₹ 62.6 L - ₹ 98.06 L
    Overview Gera’s Misty Waters by Gera Developments Pvt. Ltd., is a residential venture that consists of 2 BHK and 2.5 BHK...
Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.