From demographic shifts to changes in consumer preferences, the Indian real estate market is expected to undergo revolutionary expansion. Because numerous developers offer millions of potential buyers the dream of owning a home, real estate is surely the most competitive industry. Did you know? According to recent studies, property sales in Pune increased by 3% year-on-year in August 2024.
However, enacted in 2016, the RERA has been ever since regulating the competitive real estate market. Since then it has been protecting the rights of potential buyers. Are you also planning to buy a property while enjoying a seamless experience? Wondering about RERA guidelines? Here is everything you need to know.
About RERA
RERA or the Real Estate Regulatory Authority is a government body created to oversee and encourage transparency in the real estate industry. It was enacted to safeguard homebuyer’s interests and improve the real estate market’s reputation and efficiency.
In other words, it serves as a CCTV camera, monitoring the operations of real estate developers, agents and promoters to guarantee legal compliance. It also aims to protect every buyer’s rights.
Impact of RERA on Buyers
Since its launch, RERA has played a crucial role in creating a safer and reliable real estate market. It has grown to be a driving force behind a thriving Indian real estate market, connecting buyers and sellers seamlessly. It has increased the confidence of buyers with the improvement in the construction quality.
Overall, the RERA impact on buyers has been nothing but a change full of positivity, growth and peace of mind. Furthermore, RERA plays a fair game not only with the buyers but also among promoters, developers and agents. Due to increased competition for quality properties, it is becoming more and more challenging for buyers to make an informed decision. At Namrata Group, we ensure you’ll get your dream home built as per your expectations.
Benefits of RERA for Homebuyers
If you are wondering about the RERA benefits for homebuyers, then here is what you need to know:
More Transparency
One of the major benefits of the RERA Act for homebuyers is transparency in the information that the builder provides. It is the builder’s responsibility to notify the buyer of every detail of the project. This means all relevant information should be written on the building’s marketing materials. It should also be updated timely to reflect project developments on the website, if any.
Additionally, also look whether the amenities and facilities promised are delivered or not. For instance, some amenities that every high-end project must involve are:
- Swimming pool
- Gymnasiums
- Sauna
- Community halls
- Children’s play area
- CCTV cameras for security and safety
The buyer should be given clear and accurate details regarding everything about the project. Having complete transparency also helps buyers in better decision-making. It reduces the stress of buyers while they invest in their dream home. Additionally, it also helps buyers set realistic expectations, be it for the possession of their dream property, the living space or other amenities.
No Delays in Project
Earlier it was common for real estate players to cause great delays in the possession of projects. However, with the RERA Act, homebuyers will no longer have to deal with the inconvenience as it is no longer allowed. Builders of real estate must finish projects within the deadline. Failure to project delays may result in paying a huge fine. Additionally, builders who violate the rule may end up in jail for up to 3 years.
Besides, buyers also have the right to withdraw from the project or seek compensation. Contributing to the professionalism of the real estate sector, RERA promotes accountability, leading to reliability. As the best builders in Pune, Namrata Group and our team promise that your project will be completed promptly and will exceed your expectations. For an idea, you may look at our well-designed projects in the city that reflect our commitment.
No Extra Charge
Another benefit of property investment with RERA is that buyers will not have to pay for built-up and super-built-up areas, ensured by this act. This includes areas like exterior walls, stairways, lifts, balconies, hallways and other common areas. The builder may only charge for the carpet area- the space between the walls of the house.
Developers must also notify buyers of any alterations in the project’s structure or layout. Be it disclosure requirements or grievance redressal mechanisms, RERA has been safeguarding the rights and interests of homebuyers from unreliable developers. In addition to using funds appropriately and improving focus on the project, it has also increased the assurance among buyers.
Protection from Poor Construction
Another benefit of the RERA Act is that it controls property conditions to shield buyers from poorly constructed buildings. With the government placing a high focus on quality construction, the projects must not have any structural flaws. The period for this is at least 5 years after the buyer takes possession of the house. In case any fault is found by the buyer, it will be the builder’s responsibility to fix it without costing extra.
Additionally, any fault found must be corrected within 30 days of notification. Having difficulty in finding the prime location for your next dream project? Let Namrata Group handle the rest and take all your burdens. Our well-designed projects not only set a luxury example but also comfort and living standards along with ensuring you the best quality construction.
RERA- A Win-Win Situation
The RERA compliance real estate set by the government is highly beneficial for homebuyers. Understanding is essential as it ensures buyers with trust and satisfaction. You no longer have to face delays for the hard-earned money you have invested in your dream home.
So enjoy a seamless home-buying process and leverage the benefits that RERA brings to your table. Are you all ready to redefine the way you live? Contact Namrata Group as we are eager to build your dream home. Besides, if there is any confusion or queries, you can feel free to talk with our team of builders.
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