What Is RERA? Its Impact and Benefits!
RERA stands for Real Estate Regulatory Act. Now, let us check out what is RERA exactly in detail? The goal of this act is to bring a regulated system in order to boost real estate sector. Experts believe that the sector is going from a transformation phase. Now, one will see more consumer focused sector, transparent, hassle-free and competitive real estate arena.
The consumer friendly Real Estate Regulatory Act (RERA) will prove a boon to homebuyers. This act was announced last year by the government and will be effective in the country from June 1st, 2017. This is a consumer friendly RERA because it will ensure that developers do not take consumers for granted. This act will help consumers get timely deliveries of the project and it will ensure that consumers will not be cheated anymore.
Let us see how RERA is going to impact home buyers and real estate arena? Its Impact and Benefits! Experts see this as one of the biggest reforms in real estate sector.
As per RERA every project needs to be registered with the Authority disclosing all the important information related to property like number of units with carpet area, details of promoters, sanction plans and other important information.
Now, when it comes to Carpet Area, home buyer will have to pay only for the actual useable area making this process transparent. Now, the developer cannot charge for the super built-up area as earlier. This article will give you better picture about What Is RERA? Its Impact and Benefits!
Thanks to Real Estate Regulatory Act, now all the malpractices will come to an end as the developers have to get all the essential clearances before selling the project.
Projects will be delivered in time now, thanks to government’s effort in introducing this act. RERA will now provide better protection to the buyers when it comes to timely project delivery. This is one of the benefits of RERA however the demerit is that government should have focused on Sanctioning and approving government bodies. All delays are not from real estate developer’s end; government bodies also play a vital role delaying sanctions and plan approvals.
Now, developers or promoters of the project will not be able to advertise projects without showing website address of RERA and without quoting a RERA registration number.
Registering real estate projects, real estate agents operating in the concerned state under RERA Act will be the complete responsibility of state regulator. All the required details will be available on a website wherein people can access the required information.
The Real Estate (Regulation and Development) Act, 2016 (RERA) will impose penalties on errant builders and will protect the interests of home buyers. It will address important issues such as title, quality of construction, price, project delays and other important factors.
For a period of 5 years, in case of any project structural defect, the developer will be liable to rectify such defects. In other words, the real estate developer has to offer a 5-year warranty for any structural defect in the building. In one way Real Estate Act is a boon for home buyers.
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