RERA is expected to shake up the real estate industry and bring in greater accountability while ensuring an environment where only genuine and authentic developers and companies thrive on the basis of the trust and respect that they get from customers with proper checks and balances at every step. It is seen as an act that will safeguard the interest of the homebuyer along with timely and quality construction.
+ves for the investor :
So ..what is RERA?
RERA (The Real Estate (Regulation and Development) Act) is an Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal . (source: wiki)
How will RERA impact homebuyers?
Customers who are looking at purchasing an ongoing project or a project that is yet to be registered will be ensured better protection under RERA because the terms of project delivery will be as per the Act .With RERA, there would be mandatory disclosure of project details, including those of the promoter, project, land status and clearances. This would increase the credibility of developers and would protect consumer rights as well. Home buyers confidence is now set to increase on the back of these sentiment-building measures of the government
How will Real Estate Regulatory Act affect builders and developers?
Builders will have to submit project-related information such as sanctioned and proposed plans, pending approvals, estimated project cost (separately for land and construction), and other cost-related data to the real estate regulatory authority (RERA) for obtaining registration.
Accuracy of each and every bit of information provided to RERA will be scrutinized carefully to avoid any oversight and non-compliance on part of the promoters. In effect, real estate sector is likely to become more transparent, accountable and user-friendly than ever before.
With RERA bringing in greater checks and balances, promoters(Builders & Developers) can finally offer clean and efficient services to the prospective consumer.
The RERA Cheat-Sheet
(Source :profit.ndtv.com/news/property )
The Centre has described RERA as the beginning of a new era where the consumer will be king. Union housing minister Venkaiah Naidu said rights and obligations of buyers, developers and real estate agents are clearly defined in the Act and any aggrieved party can seek redressal for violation of terms of agreement by the other party.
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