Did you ever notice? Why some real estate projects in your city have been stopped in recent times. Well, it’s mainly due to the new guidelines issued by the Real Estate Development and Regulatory Act (RERA).
Earlier, there was no proper real estate regulator in India, due to which, the property buyers used to suffer a lot as there was no specific place to hear out their grievances, such as years of delay in the project, especially after the bookings that took place after 2012-13 that halted the possession.
On March 15, 2016, the property buyers got the much-needed relief when Real Estate Development and Regulatory Act (RERA) was introduced, and a year later, on May 1, 2017, it came into force. Its introduction stunned the whole real estate sector in India as it brought under constant surveillance of activities being carried out by the property buyer and seller.
It has provided a huge advantage to the buyers of residential and commercial real estate properties, who have still not got possession. The act is beneficial for the buyers as they will get a timely delivery, get protection on their investment, and also provide a balanced agreement by imposing penalties on the guilty builders. Moreover, it will boost the real estate sector of India as it will bring transparency, push for robust project delivery and attract new investments from around the world. It will also increase the builder's efficiency, answerability, and corporate branding.
RERA prominent features:
1. Registration of Project with Regulatory Authority.
2. Registration of Real Estate Agents.
3. Promoter to unveil project details on RERA websites.
4. Deposit 70% of the amount realized from allottees.
5. Adherence to approved plans/project specification.
6. Refunding in cases of default.
7. Appointment of one or more adjudicating officers.
8. Establishment of the Appellant Tribunal to address grievances.
9. Protection of consumer interest.
10. Growth and development of the sector.
Now, the re-sale property buyers need to be more attentive and verify, whether, the promoters of the property have received the completion/occupancy certificate or not. For fresh properties, the property buyers should check the project's permanent registration number provided by the state's Regulatory Authority.If you are a puzzled homebuyer and need to know whether a project is RERA complaint or not then you can check out the best real estate builders Zirakpur, such as Motia Group, whose projects have been registered on the Punjab RERA.
The impact of the RERA will be observed after the builder will be able to complete the project in the time presented to the RERA. The good thing is that the property buyers can take benefits of this path-breaking act and can receive compensation in case of delayed projects. It's also the duty of the authorities to take strict action against the untrustworthy builders so that the confidence of the hesitant buyers can be regained. Overall, the introduction of RERA is a stepping stone in remoulding our real estate sector.