Benefits Of RERA Every Property Buyer Should Know
Metro Group | 20th Feb, 2019
The last few years were significant for the Indian economy, especially for the real estate sector. There were several amendments that changed the status of the Indian real estate market. Today if you plan to buy a 2 BHK flat in Chembur or a 5 BHK apartment in Nerul, you are sure to experience a lot of benefits during the investment process.
RERA was introduced in the market in the year 2016. RERA stands for Real Estate Regulations Act. This act is initiated to provide relief to the buyers from the malpractices of unfair builders. In this section we have listed down the major benefits of RERA:
RERA was passed to improve authenticity and make the real estate industry a lot more investor-friendly. Earlier, the developers would promote and market the project regardless of the authenticity of the same. However, it is now compulsory for the developers of all ongoing projects, to disclose the size of their projects, on the basis of carpet area (i.e., the area within four walls). This includes usable spaces, like the dining room, toilet, kitchen etc. This aspect imparts clarity, which was not the case earlier.
Under RERA, in case there is a discrepancy in the commitments made by the developer and the actual project, the buyer has the choice to withdraw from the project. Wherein the buyer is entitled to get a full refund of the amount paid.
Compensation for Project Delays
Customers are entitled to know the stage-wise time schedule of the project construction including the status of water, sanitation, and power. RERA will take stringent action against builders who actively delay projects. This act will not only impose heavy penalty on developers but will also give customers the choice to withdraw from the project along with the complete refund.
Grievances To be Resolved/ Addressed Quickly
Under RERA, any person aggrieved by any problem can expect a resolution from the appellate within 120 days. It aims to provide relief to buyers who have been troubled due to long-pending cases and inefficient service.
With RERA the dream of being a property owner has become easier for almost every aspiring home buyer in India. So whether you plan to buy a magnificent 5 BHK lake facing apartment at Palm Beach Road, or a simple 2 BHK flat in Chembur you can be assured that your property investment is completely fool-proof and secure.