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The Parliament of India introduced RERA Act in 2016 to eliminate the existing disparity and issues in the real estate sector. As a property buyer, an individual must choose a project registered under RERA. This will ensure a safe investment and prevent one from incurring financial losses.
The following highlights all one needs to know about RERA –
- With the Real Estate Regulatory Authority (RERA full form) in place, every builder must notify home purchasers about the progression of the construction. The builders must also hand over the keys of the property within the specified date and obey to all the guidelines stated by the Act.
- RERA takes charge of the real estate builders for a single state or union territory in India.
- This Act applies to both commercial and residential assets.
- The rules and regulation implemented by RERA try to keep the interests of purchasers and builders intact.
- The carpet area is estimated using a formula standardized by RERA to calculate the correct price of a property.
- If a buyer finds any building defects within 5 years of ownership, the developer has to repair the damages within 30 days without charging the homeowner/s.
- RERA’s objective is to reduce construction delays and property miss-selling. To do so, the government has made it compulsory for all real estate developers to implement RERA registration before they start with a project.
It is indeed necessary for all buyers to know all the rules and regulations about RERA before purchasing a property. Opting for a RERA-registered project also enables buyers to secure a home loan quickly.
