How Rera Can Help Me?

Sujan Afi S

Introduction

“If I had a house, I would have decorated it with some antique pieces.” 

We often dream of having a house of our own. Many of us start saving some amount of money for buying a house from the very first day we get our salary. When we have a stable income, we tend to remain busy searching for an appropriate apartment for us that would suit us the best. We Google search, we ask our neighbors about it, etc. But the reality comes in front of us when we invest. The home buyers like us, since the last few years, have faced huge problems while buying a property. Besides, the cases of fraud had also increased. Therefore, the government of India had to do something for its citizens. 

Thus, the government of India introduced The Real Estate (Regulation and Development) Act, 2016, (RERA) intending to boost the investment in the real estate sector many folds and protect the interests of the buyers or investors. This act brought all three stakeholders of the real estate sector like builders or developers, brokers, and buyers under law. RERA is the only legal body of India which have the responsibility to resolve all the issues and complaints in the real estate sector of India, i.e., resolve all kinds of problems among builders, brokers, and buyers or investors in India.

Objectives of RERA

  • It protects the interests of investors or buyers in the real estate sector.
  • Ensures the responsibilities of builders, brokers and investors or buyers.
  • Increases transparency and reduces the case of fraud in the real estate sector.
  • Resolves all kinds of issues and complaints in the real estate sector in a short time period and limited time frame.
  • Timely delivery of flats or rooms to the investors or buyers.
  • It ensures the flow of the right information related to the real estate sector among builders, brokers, and buyers.
  • It increases the trust of investors in the real estate sector.

How RERA can benefit you?

You would never want the property that you would buy to be an illegal one. Neither would you like to take unnecessary problems regarding the property. Thus, you should make sure that the property you are about to buy is registered under RERA. There are several ways in which you can be in an advantageous position if your property is registered. Readout to find how!

  1. Delaying of Project and timely delivery to the buyers: If you are investing in a real estate property that is registered under RERA then builders or developers can’t delay the project. Hence, timely delivery of the property is assured.
  2. Excess charge and change of the design of projects: RERA ensures that you don’t even pay a penny for the super built-up area! Thus, you need to pay for the carpet area only. The builders can never charge for the super built-up area. Thus, your precious money gets saved! Isn’t it an advantage for you? Besides, builders will not able to change the building plan without the consent of 2/3rd of the investors or buyers.
  3. Responsibility for the defect in construction and poor construction materials: RERA allows you to file a complaint against the builder for necessary compensation and repair if you find defects after buying the property within five years from the date of handing over the property. Under RERA it is the sole responsibility of the builders or developers if there is any structural fault or if poor construction materials have been used. The builders or developers have to rectify the defective part of the construction within a maximum time period of 30 days without any further charge from the buyers or investors. Thus, you feel safe too! 
  4. Solves Grievances: Suppose you have a dispute with the builder. To whom will you go? Relax, RERA is there to listen to your grievances! Every kind of dispute between sellers and buyers are resolved within a time period of 60 days.
  1. Legal Clearance: To obtain all kinds of clearance of your property it is very much essential for you to invest or buy a real estate property that is registered under RERA.
  2. Secure Transaction: All kinds of transactions between buyers and sellers are made in a secure way for any RERA registered property. According to RERA a minimum of 70 % of the buyer’s and investor’s money need to be kept in a third-party account, i.e., escrow account. 

Conclusion

I hope that I have been able to uphold some benefits that you can have if your property is a RERA registered one. Investment in RERA registered property protects your interests in the real estate sector. You can easily avoid all kinds of legal complications, unwanted headaches and ensure the quality of the property. RERA solves the issues between buyers and sellers within a limited time frame. You get a place to pour your grievances too. What more is required? 

Hey there! If you want to get more information about RERA, you can pay a visit to The Real Talks where you will find numerous articles related to RERA and other topics related to the real estate market. Further, you can drop a mail at info@roodland.com to get in touch with our experts. We assure your privacy and care for your needs and requirements. We have a dedicated group ready to solve your problems regarding real estate and assist you in every possible way! 

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