Date
30/09/2021
I want to buy:
RERA
stands for Real Estate Regulatory Authority. The act was passed by the Indian
Government in May 2016 to facilitate transparency in the process of buying
homes. Since its inception, RERA is believed to bring many reforms in the real
estate industry.
In today’s time, RERA rules and guidelines help the customers navigate the best builders near Chandigarh Mohali
with accuracy and ease.
Buying a house is no ordinary ordeal for any of us. This is a long-term plan and includes finer details. Implementation of RERA will implement the center’s vision at the state level. The act will apply to all projects where land to be developed is 500 sq m or more, or the number of apartments is 8 or more including all phases. The customer-centric act brings more power to the end-user i.e. buyer of the home or apartment.
Key Objectives of RERA
· It ensures transparency in all transactions and reduces overall frauds and delays.
· It promotes builder’s accountability towards buyers/allottees to protect their interests.
· It ensures that the promoter and buyer stay on the same page.
· It establishes a fast-track dispute resolution mechanism.
· It imposes certain responsibilities on both promoter and buyer.
· It promotes good governance and hence attracts investors.
· Pan India standardization introduces professionalism.
How will RERA help homebuyers?
·
Improves the credibility of the builder.
RERA demands all the existing builders in KhararMohali to submit details of their ongoing and completed projects, financial capacity, and competency. It will help authorities to bring transparency and regulate the real estate sector.
· In-depth project description
Under RERA, realtors are expected to submit a detailed description of the land, its statistics, its characteristics, ownership,
approved building plan, drawing, No Objection Certificate (NOCs), project completion schedule, etc. These details will be considered as legal evidence.
· No Fake Promises
The builders cannot advertise any project before registering it under RERA. Once registered, they can only advertise the facilities and amenities they are providing. Any fake advertisement will invite legal issues.
· Standardized calculation of carpet area
Under the RERA Act, the total carpet area is considered as the saleable area. Earlier, the methods of calculating saleable area were clear and thus issues were raised upon this.
· Monitor the status of the project
Under the RERA act, promoters must submit the status of the project at every level. The buyer can check the update easily from the RERA portal.
· No changes in the sanctioned plan
Earlier, it was a common trait to make changes in the sanctioned plan while construction. Under RERA, a buyer can file a complaint against the builder for making any additions or alterations to the sanctioned plan, specifications, fixtures, fittings, and amenities, etc.
Apart from these, there are a few other benefits also which are accompanied by the major rights and duties of the homebuyers too.
RERA offers what Tricity’s real estate sector was in major need of for a long time.
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