Intygrat

RERA ACT is a useful law that prevents a corrupt real estate person from exploiting clients. The RERA Act came into effect on May 1, 2017. It was well planned after receiving a series of complaints against dishonest and unethical real estate agents. Most small real estate developers have broken their promises, which have often led customers to mislead. Real estate developers will now have to publish information about their organization online and in public view on the RERA website. They will be asked to provide details of their projects, company profile, financial performance, legal proceedings, and customer testimonials.

Take a look at five key points about RERA and its benefits for home buyers:

1. Compulsory Registration

It is mandatory for all builders to register with RERA before advertising or launching the project. Each phase of a project must be recorded separately. They also have the right to share all details and information related to the project on the government's website, the RERA. If the developer does not fulfill this condition, it will be penalized by 10% of the cost of the project. Thus, bringing authentication and transparency for the developer as well as for the project RERA Act is implemented.

2. Clearly indicating the Carpet Area

It is essential for developers to clearly indicate the carpet area to the buyers, in addition to mentioning the constructed and super built area. This gives a more realistic idea of the space that can be used and gives clarity in terms of cost while leaving a negligible margin for deception.

2. Ensure quality construction

The developer is responsible for all structural defects for five years from the date of possession. If there is a quality defect or if it is not up to the mark, the developer is responsible and must repair it within 30 days of the complaint, without additional investment. Thus, it overcomes the challenges that buyers face in terms of poor quality of construction.

2. Cost while booking

The initial amount to be paid by buyers is further reduced from 20% to 10%. It will be paid after the sales contract has been registered with the builder. Thus, it brings the affirmation to buyers and does not impose much on them.

2. Delivery on time

According to the RERA Act, the developer will have to deliver the project within the deadlines mentioned in the agreement. In case of delay in the project, the developer is obliged to pay the interest to the client. This guarantees the customer the date of possession without delay, which is a matter of major concern.