Before getting hold of huge mansions, it is important to note the few rules and regulations that are to be followed and these rules can also rescue you if you land up in any trouble regarding real estates. So, here comes the hero, RERA or Real Estate Regulatory Act, 2016, passed under the strict supervision and order of the Indian Parliament. According to the RERA Act, it takes up the responsibility of taking care and safeguarding the interests of the home buyers and boost investments in the real estate sector as well. The RERA bill, passed mainly by the Rajya Sabha, came into force from the 1st of May. In this Act, the central and state governments are asked to reveal their own rules under the name of this Act, keeping parity with the basic rules framed by the central Act.
Reasons For Enrolling Under RERA
From time immemorial, there have been a lot of complaints about the real estate dealings going highly in favor of the developers. But now, RERA has emerged to provide relief to all. As per the government presented model and RERA, there be equal and justifiable transaction in between the buyer and the seller of properties. It is hoped that with RERA, there will be a more simple approach of purchasing properties, and this in turn will bring a crystal clear dealing between the two parties, shunning all hostile doors. Before this, it is important that the state in which you are aspiring to buy a property, possess the RERA and not cut it down. The Real Estate Regulatory Act makes it necessary for each state and union territories to have a regulator of its own and frame rules accordingly.
If are looking to buy apartments near Manyata Tech Park, then “ULTIMA Smart Homes” is one of the best projects.
Benefits Provided By RERA
Here are six golden benefits of RERA that will satisfy home buyers:
- Escrow account – the developer’s duty is to transfer 70% of the money that is received from home buyers. The money will be withdrawn as per the requirements in the different stages of construction.
- Pay for what you get – the buyer will only pay for the carpet area. RERA stops charging excess money, that is, no money will be required for super built up area.
- Clearances before selling – projects can only be sold after the necessary clearances are done. Once registered under RERA, developers should enroll more than 8 apartments before launching. By this, there will come an end to selling properties before clearance. Also, the builder needs to give a detailed description of the nooks and corners of the projects.
- Five year warranty – builder will have to guarantee for five years for his projects if it is devoid of defects. However, the law does not present any clear cut presentation regarding the structural defect of the properties. Yet, try avoiding disputes between builders and home buyers.
- Will property prices increase? – According to the authorities of RERA, property costing has got no linkup with RERA. Prices are generally generated by the market demand and supply. Hence, there is not supposed to be any change in the price.
- Role of states – being a central law, RERA depends mostly on state government as real estate is a state affair.
All these advantages, along with the steady following of the law will definite benefit home buyers from getting bluffed. Builders too can carry out the construction process systematically.
Comments
Post a Comment