Understanding RERA and its Benefits for Home Buyers
Real Estate Regulatory Authority (RERA), a new act introduced in the year 2016 has created a wave of change in the Indian real estate market. In India, the real estate sector has been plagued with disputes between its participants for quite some time now. This has created a sense of uncertainty among home buyers who had to buy any property without having any assurance about its quality. But with the RERA Act, everything has changed and home buyers now have more comfort with their investment decisions as compared to times before the inception of RERA.
The RERA act is not only aimed at protecting the interests of home buyers but also has other benefits that give a boost to real estate development in India. In this Achal Chaurasia news, let’s see some of the main features of RERA:
- Standardized Carpet Area
Earlier, there was a lot of confusion regarding the carpet area among the buyers, as the calculation part was dependent on the person selling their property. But, under the Real Estate (Regulation and Development) Act, 2016 (RERA), the carpet area of an apartment is defined by a standardized formula. With RERA’s launch on May 1st, 2016, this act had a direct impact on property prices in India.
RERA offered a standard measurement of how much carpet area is being offered. What was once a complicated equation, after the Rera Act, can now be calculated and simplified easily under this new regulation. The standardized formulae go as:
Cost of The Living Space = Carpet Area x Cost Every Square Fit.
2. Right to Information About the Property
If this is your first home, you really need to know the details of the house. How many toilets? What’s your building structure? How many square feet? Questions like these are always important to consider!
But did you know? Now, it’s your basic right as a home buyer to obtain information about a property you are seeking to purchase. The details include the plan layout, stages of construction progress, up-to-date status of completion, etc. RERA has made it mandatory for property sellers to provide all the disclosure requirements for all real estate transactions, therefore removing ambiguities from the buying process and making the home buying experience more efficient, transparent, and enjoyable.
3. Grievances will be Addressed Quickly
The Real Estate Regulatory Authority (RERA) addresses all the problems of the real estate buyer.
If the apartment’s quality isn’t up to your standards, you get the right to lodge a complaint. These complaints will be heard by the Appellate Tribunal which works quickly and thoroughly. You’ll soon receive free updates on all your pending cases; any property-related grievance cases will get resolved within 60 days of lodging the complaint!
But, in case your complaint doesn’t get resolved; you’ll get a detailed report and the reason behind such failures.
4. Builders will need all clearances before selling
In the earlier days, home buyers were fooled to buy a project that was nowhere near completion. This was always troublesome, as the home buyer always ended up feeling cheated and upset.
However, RERA has made selling properties way easier. Now, you no longer have to be a Sherlock Holmes to get your hands on your property’s clearance reports. With the enactment of RERA, a developer/builder can only sell a project after he has all the necessary clearances and is ready to hand over the same.
Now, you’ll never again be blindsided by hidden fees or delays in your new home. Every detail will be in the paper and available right in front of you!
Final Thoughts
Real estate is the most important investment in our life. And, if you are a home buyer, you must be wondering why this RERA act has been introduced; going through this Achal Chaurasia news might answer all your questions.
When it comes to investing in an apartment, there are many things you need to keep in mind like how much does it cost and how much would your monthly installments be for 12 months? Many such people have been facing a lot of hurdles in their real estate transactions due to their non-compliance with the rules. But now that this act has come into place, everything will become easy for everyone in terms of buying homes and selling them too!
