The RERA Act is the act of the Government of India brought in 2016 regulating the real estate sector and making it bring transparency, accountability, and efficiency in the real estate market. It brings about a regulatory framework for safeguarding the interests of a homebuyer, developer, and other stakeholders.
Major features of RERA
RERA Registration: Before the sale or marketing, the number of units should be more than eight only then the project can be registered. Only then the project would fall under statutory compliance.
Transparency: The Developers have to file all the relevant information about the project like the title of the land, various approvals, and timelines along with RERA authority. Also, they have to be informed about the status of the project periodically.
Accountability for Delay: The developers are supposed to hand their jobs over in time, coupled with possession as agreed on. If the developers stall, they will be liable to repay restitution to the buyers.
Liability of Defects: The developers will be liable to cure defects in the construction from the date of delivery after five years, assured of quality.
State Authorities in India: There would be a RERA authority in every state of India that would take care of the registration of projects, redress grievances, and enforce compliance.
RERA has also saved homebuyers from getting trapped in the clutches of unscrupulous practices by developers like stating that a project is completed, when it is not or about the facilities of the project besides misleading advertisements.
Conclusion
RERA registration process ensures law compliance and consumer protection while also improving confidence among the buyers. It also improves marketability of the property. This is one big asset for the home seller as it ensures that the deal is transparent, safe, and done through credibility.
As the best real estate consultant in Bangalore, Bud Realty Unboxed can help you identify RERA approved properties that fits your needs.
Add comment