Real estate regulations authority helped buyers to buy homes in a comfortable process. And decreased the chances of getting scammed or false documentation. And with the introduction of RERA The Real estate industry has seen growth in RERA approved purchase.in this blog,let us understand deeply about Real estate regulations authority.
Registration of real estate property has become mandatory if the project is over 500 square yards.This initiative to register a property which provides transparency for homebuyers helped the consumers understand what property they are buying and understood the pros and cons.moreover , in the process of registration the developer should also submit the important documents which consists of information about the property.
RERA Registration number is a unique number which helps the user to find information about the property.RERA Authorities have made it mandatory to mention RERA Registration number while promoting or selling a property .RERA Authorities have also made it clear that even in digital marketing the RERA Registration number is mandatory.
Before the introduction of RERA, the developers used to hide the carpet area and mention the built up area.Currently, RERA has made it Compulsory to mention the carpet area in every communication with the consumer.
On Time delivery
Delayed delivery used to be one of the biggest concerns for the home buyers but with RERA approved projects the delivery of the project should be on time. In most of the cases before RERA the primary reason is the diversion of funds.RERA has also made it mandatory to submit 70% of the project funds towards the Escrow accounts.
Compensation should be paid to the consumer if the project is delayed. The compensation will be equal to the emi the homebuyer is paying towards the bank.
Buyer’s consent is mandatory if the builder wants to make any new changes in the home plan.
Warranty of 5 years should be provided to the homebuyer if there has been any structural damages.
RERA Authorities can be approached incase of any Redressal of the grievance caused by the Developers . Developers who violate the orders will be imprisoned for 3 years with fine.
The RERA’s have not been initiated in every state so still some people are getting scammed or cheated.
The Real Estate Regulation Authority (RERA) has been a game-changer in the real estate industry. It has brought in much-needed transparency and accountability, which has benefited both homebuyers and developers. Homebuyers can now make informed decisions and invest in properties without worrying about getting scammed or cheated. On the other hand, developers who follow the rules and regulations of RERA have gained the trust of homebuyers and have seen a surge in sales.