Purchasing real estate involves both excitement and caution, whether it’s high-net-worth investors or luxury consumers. To safeguard investment interests and maintain openness, the Indian government established the Real Estate Regulatory Authority (RERA). In this blog we shall examine the specifics of RERA and how it protects Indian homeowners’ rights. After reading this can confidently navigate the real estate market and make well-informed judgments about real estate.
What are RERA Registered Projects?
The Real Estate Regulatory Authority is what RERA stands for. This Act was introduced by the Indian government in 2016. It improves the real estate industry’s efficiency, accountability, and openness. It is implemented at the state level, giving local government entities the authority to control the buying and selling of residential and commercial real estate.
It’s Benefits-
Increases Credibility
Protects Buyers
Regulates Developers
Ensures Timely Completion
So how does this impact home buyers?
Ensures Transparency– Developers may help purchasers make informed judgments by documenting projects and disclosing information. Scams and fraudulent ventures are less likely because to the Real Estate Regulation and Development intervention.
Safety from fraud– In the past, a lot of developers used fake promises and deals to market their projects. However, under RERA, every advertisement must include the RERA registration number, and all promotions and ads must be truthful and free of any deceptive promises.
Best Quality only- Many purchasers have expressed concerns about the construction’s quality. According to RERA, the developer is required to fix any structural flaws in the property that occur for a maximum of five years after the date of possession transfer. The promoter is responsible for fixing such flaws within 30 days at no additional cost.
No Excessive Charges- Due to the absence of norms or clarity on the inclusion of areas in the carpet area led to buyers paying unfairly high rates for real estate. In order to solve this, the carpet area was defined by RERA rules as the net useable floor area, omitting regions under service shafts, spaces under exterior walls, areas with private balconies or verandas, and areas with exclusive open terraces. By doing this, developers are guaranteed to price the property according to a defined definition of carpet area.
In the Indian real estate industry, RERA has hence brought in a new era of dependability and trust. For a smooth and safe real estate transaction, it is essential for developers and homebuyers to comprehend what RERA means and the significance of RERA registration. At MK Shelters, we strictly adhere to all RERA guidelines, ensuring our customers receive only the best.
