RERA stands for Real Estate Regulatory Authority came into existence as per Real Estate (Regulation and Development) Act, 2016. The act aims to protect home purchasers and also boosts real estate investments in the country. The RERA Act came into effect on 1 May 2016. It is important to invest in RERA-approved properties in Gurgaon for the complete safety of home buyers’ real estate investments.
Why RERA is important
RERA was established to enhance accountability and transparency with respect to housing transactions and real estate in India. The establishment of the Real Estate Regulatory Authority helps to monitor any disputes with respect to real estate projects. There is a fast-track mechanism for the settlement of disputes which can be done via an appellate tribunal and dedicated adjudicating officers. This has helped improve trust in the real estate sector as buyers’ investment is protected.
What are the Benefits of RERA
RERA has organized the real estate sector in India and has brought about a positive change.
1. RERA has helped standardize the carpet area in a home. While earlier developers were providing inflated carpet areas to increase the prices of property, now RERA has given a standard formula.
2. As per RERA developers can’t use the funds of one project to develop another property. 70 percent of the funds raised need to be deposited in a separate bank account which can be withdrawn only after proper certifications.
3. Developers cannot take more than 10 percent of the cost of the project from the buyer as advance payment.
4. In case of any structural defects within 5 years of possession, the developer has to rectify the damages within 30 days at no cost to the buyer or pay a penalty.
5. In case of a mismatch between what was promised to the builder and what was delivered, then the buyer can get a full refund along with interest.
6. The buyers or investors have a full right to information about the project.
Some of the leading RERA-approved projects in Gurgaon are Whiteland Blissville, Ashiana Amarah, and Anant Raj Ashok Estate. These projects are protected under RERA which ensures that the home buyers’ investment is safe. It is prudent to invest in these projects in Gurgaon.
Comments