Buying a property is one of the most important decisions in an individual’s lifetime. Everyone wants to ensure that there is no stone left unturned when it comes to buying a property. Property investment requires a huge financial decision, and to safeguard one’s interests, a lot of factors are needed to be considered before making the investment. But with the RERA act in place, the dream of possessing one’s dream property is not far fetched!
The RERA (Real Estate Regulation Act, 2016) act has helped restore faith in the real estate sector by promoting transparency, accountability, and efficiency by protecting the interests of the buyers.
With RERA, issues like project delays, faulty construction, pricing of the property, and other serious issues have been given due consideration. RERA also has a mechanism for effectively redressing the disputes in an efficient and transparent manner.
Highlighting the areas where the buyers are likely to be benefited by the RERA Act:
Under RERA, builders are required to hand over the possession of properties at the committed due dates. Developers that default the date of delivery will be penalized and will be taken strict actions under the act.
Before the act was passed, builders had their own calculations of measuring the carpet area, however, after the act got passed, there have been standardized norms with respect to the calculation of the carpet area.
The builders/ developers will have to abide by the norms set by RERA, one of which includes quality construction as promised to the buyer. In case if there’s any fault in the construction, the builder will have to repair the same within the stipulated time frame.
Under RERA, buyers have been entrusted with a right to know every necessary piece of information before the property is brought. The builders are entitled to let the buyer know all that’s required before the investment, such as, the plan layout, amenities provided, date of completion, and all that’s required for the buyer to make a sound decision.
In case of any issues that the buyer has faced with respect to the property bought, he can address the same to the grievance committee under the RERA act.
The RERA act has made the real estate sector a more professional and transparent place for investors to make sound decisions. With the RERA act at the rescue, it’s just the right time to own your dream property without any hassle.