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