The year 2016 saw a major shift in India’s real estate landscape with the introduction of the Real Estate Regulatory Authority (RERA) Act. This historic legislation brought about several changes to how buyers and builders interact when it comes to buying and selling property. Let’s take a deeper look at what these benefits are and how they benefit both buyers and builders alike.
The Benefits of the RERA Act
- The RERA Act protects the rights of home buyers
The most important benefit of RERA is its focus on protecting consumers. Once registered, all builders must adhere to a strict set of guidelines that protect both buyers and sellers from any form of exploitation or fraud. This includes adhering to deadlines for construction, providing accurate information about the property, and ensuring that all contractors are qualified.
The RERA Act also ensures that buyers have access to an online complaint management system where they can register their grievances against any builder who fails to comply with the terms of agreement. This provides buyers with an avenue for recourse if they feel that their rights have been violated by a particular builder or developer.
Additionally, the Act requires builders to obtain all necessary approvals before starting construction, and prohibits them from making any changes to the project without the approval of the RERA authority.
- The RERA Act promotes transparency and accountability in real estate transactions.
Another major advantage of the RERA Act is its focus on transparency between buyers and builders. Under this act, builders must provide detailed information about their projects, including details such as cost, amenities, expected completion date, etc. This allows potential buyers to make informed decisions before investing in a project. It also eliminates any chance of miscommunication or hidden costs associated with buying property from a particular builder or developer.
Builders are also required to submit regular progress reports to the RERA authority, which helps to promote transparency and accountability in real estate transactions.
- The RERA Act ensures timely delivery.
One of the biggest issues faced by homebuyers prior to the implementation of this act was delayed delivery due to delays in construction or other unexpected delays caused by builders/developers. Due to this act, however, builders are now held accountable for timely delivery of projects as per their stated timelines and penalties can be imposed if they fail to do so according to regulations set forth by RERA authorities.
The Act also requires builders to obtain a completion certificate from the RERA authority before handing over possession of the property to buyers. This provision helps to ensure that buyers receive their homes on time, and protects them from delays in possession.
- The RERA Act protects buyers from fraud and misrepresentation.
The RERA Act prohibits builders from making any false or misleading statements about their projects. Additionally, builders are required to display all information relating to their projects on their website, and are prohibited from accepting bookings without providing this information. This provision helps to protect buyers from fraud and misrepresentation by builders.
- The RERA Act provides for speedy resolution of disputes between buyers and builders.
The RERA Act provides for a speedy resolution of disputes between buyers and builders through its adjudication mechanism. Under this mechanism, disputes can be resolved by an adjudicating officer within 60 days. Additionally, appeals against orders of the adjudicating officer can be made to the appellate tribunal, which must dispose of such appeals within 90 days. This provision helps to ensure that disputes between buyers and builders are resolved quickly and efficiently.
Conclusion: The Real Estate Regulatory Authority (RERA) Act has revolutionized India’s real estate landscape since its implementation in 2016 by providing more protection for consumers, greater transparency between buyer and seller, as well as much-needed accountability for timely delivery on behalf of builders/developers. With these advantages in place, it’s no wonder why more people than ever before are interested in investing in Indian real estate! Buy Luxurious villas & apartments at Navkar City, a RERA registered property in Jodhpur.