RERA which goes effective today is expected to change how the Real Estate Industry in India will operate. Here’s a quick look at how it impacts the buyers
- With heavy penalties on project delays home buyers can start expecting a timely completed handover.
- Disclosures like approvals received, layout plans etc become mandatory under the new act ensuring a more transparent operations
- The Act will help buyers to get well-defined product typology and interior specifications. Therefore, buyers will be able to make informed decision on a well laid-down & accurate information
- RERA mandates that 70% of the money received from buyers be deposited in an escrow account and used only for the purpose of the development of a project, there by regulating the cash flow movements that builders were doing and over leveraging of the same was leading to project delays.
- Mostly the homes are being sold based on built-up and super built-up areas, and not carpet area which is what the buyers actually get. The act will ensure all marketing collaterals and documents carry “carpet area” and nothing else.
- Developers will have to compulsorily register themselves as well as their projects with the authority built at the state level. Unless they do so, they won’t be able to either advertise or sell their project. This will ensure better governance of the sector and also help buyers.
- Homebuyers who use the services of realty agents and agencies will now be protected as the Act renders brokers and agents punishable if they do not abide with the regulator’s strictures ruling.
- In case of any dispute and non-delivery, RERA entails a clear process of redressal, thus ensuring buyer’s interest and money is well-safeguarded.
RERA has finally come into force. Manisha Natarajan gets a check-list for the homebuyers!
#RERA has finally come into force. Manisha Natarajan gets a check-list for the homebuyers!
Posted by CNBC-TV18 on Monday, 1 May 2017
Thank you so much for providing individuals with an extraordinarily nice chance to discover important secrets from this web site. It can be very superb plus packed with amusement for me personally and my office acquaintances to search the blog the equivalent of thrice per week to read the new secrets you have. And definitely, I’m so certainly fulfilled concerning the striking methods served by you. Selected 1 facts in this posting are in truth the most suitable we have ever had.
I enjoy you because of all of the work on this blog. My mother take interest in engaging in investigation and it’s easy to understand why. We hear all concerning the lively manner you create rewarding thoughts via this blog and improve response from some others about this area of interest then our own daughter is without a doubt discovering so much. Take pleasure in the remaining portion of the new year. You are always conducting a terrific job.
I definitely wanted to construct a small note so as to express gratitude to you for those marvelous hints you are giving out here. My time-consuming internet investigation has now been rewarded with professional points to share with my two friends. I would point out that most of us visitors are rather lucky to dwell in a fine place with many perfect individuals with beneficial opinions. I feel quite lucky to have come across the website page and look forward to some more fun times reading here. Thank you once again for all the details.
I just wanted to jot down a brief comment to appreciate you for all the unique points you are showing at this site. My time-consuming internet research has finally been compensated with reliable tips to write about with my co-workers. I ‘d assume that many of us readers actually are definitely fortunate to exist in a really good place with many outstanding individuals with valuable techniques. I feel pretty privileged to have used your entire web pages and look forward to plenty of more cool minutes reading here. Thanks a lot again for everything.
I and my pals were found to be digesting the nice items from the website and so the sudden got an awful suspicion I never expressed respect to the web blog owner for those strategies. My boys are actually as a result thrilled to study all of them and have sincerely been using these things. Thank you for being indeed accommodating as well as for using this kind of exceptional resources most people are really wanting to be informed on. Our honest apologies for not saying thanks to earlier.