For all the people in search of buying new residential properties and for them who have already bought one, RERA has not only brought in a gush of relief, but has also safeguarded their interests to the fullest. With the strict regulations by RERA on board, most of the builders have come into the purview of the authority, thereby ensuring the much needed transparency in the sector.
Before the implementation of RERA, the builders who were easily found deviating rules have now seemed to uphold the buyers’ rights in the best possible manner. The consumers are now free to file complaints with the regulatory authority whenever they feel hoodwinked. RERA online portal always gives the buyers the leverage to check on the registered project profiles and take necessary actions accordingly.
Also, selling residential projects based on the vague and indistinct super built up area should always come to a halt and with RERA in place, such illegal practice is now on the verge of going into extinction. Moreover, when the developers will have to define the carpet area, it will also be quite obligatory for them to fit out the project details online. No infringement will be entertained and desecrations like delay in construction, issues in possession and changes in layout can even lead to cancellation of registration.
Late deliveries will always be compensated and the developers will have to remain answerable for the same. The penalties levied on the builders will be corresponding to SBI’s highest marginal cost of lending rate. The builders will have to respond to the sentence within 45 days of getting charged. Nevertheless, a developer can thwart the penalty limit by shelling out 5% of the total project cost.
At the same time, regulations have also been imposed on selling back date flats. Signing on back date agreements had become a trend, as builders who have not registered their ongoing projects with the regulatory authority were up to prove the fact that more than 60% flats are put up for sale. However, with RERA coming with a tenet that any buyer procuring a flat in back date will be beaten with the right to complain against the builder, much transparency has again been restored in the sector. In a meeting held on last Monday, 560 developers have been penalized for not registering their projects with RERA.