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9100888803/04/05In earlier days, buying a property in real estate used to be accompanied with some problems or threats. If a property was unattended, then it was sure to get illegally occupied or unauthorised selling of property was the common practice. With the introduction of RERA, all these unfair and illegal practices came to an end. RERA has brought discipline in the real estate sector and now we can proudly say that, malpractices by anyone, is not possible in the presence of RERA. It offers more benefits to the home buyers in addition to protecting their rights on their properties. One should always go for RERA registered projects to enjoy the path of discipline and save themselves from suffering the pain of regret. RERA is for homebuyers.
RERA or the ‘Real Estate Regulatory Authority’ formed by RERA Act and this RERA Act was introduced in 2016 by the Government of India to safeguard the real estate sector but it came into force from 1st May 2017. The function of this act is to maintain transparency and efficiency in buying and selling of Real Estate, to guard the interest of the homebuyers and to promote the real estate sector. Basically it is supposed to bring discipline in the real estate sector. To fulfil its responsibilities, RERA has introduced a website that holds the records of registered projects and agents and this is within the reach of the public. It has also established an Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. We can now say that RERA is for homebuyers.
RERA has brought in a sense of relief among the homebuyers. RERA approved projects have to follow a few rules and regulations which are in favour of homebuyers as well as it promotes the sector. RERA favours everyone but slashes the illegal and unfair practices. Here are a few benefits which are offered by RERA to its homebuyers.
As per RERA Guidelines, builders have to register their projects with RERA before they begin the promotion of their project. It is mandatory for the builders to quote their RERA registration numbers in their projects. They have to take all the required permissions and upload all the details of their projects on the official website of RERA so that the homebuyers can get all the details of the project they are interested in. These details have to be updated quarterly.
It is mandatory for the builders to have transparency in all their dealings with homebuyers. They are supposed to inform all the aspects of their project to the homebuyers, be it a major one or a minor. The amenities and all the specifications which a builder promises for his project have to reflect in the constructed structure. He has no right to make any changes in the plan without the written consent of the homebuyers.
As per RERA, builders cannot charge for the excess area of the venture. They have to charge as per the carpet area and not the built-up or the super built-up area. Homebuyers should not be charged for the area covered by external walls, which includes things such as the elevator, the stairs, the lobby, the balcony and other such common spaces.
To protect the homebuyers from poorly constructed properties or from any loose ends in construction, RERA has added a clause according to which a building should be devoid of any kind of structural defect, for a minimum period of 5 years after a buyer gets the possession of the property. If any default is found in the above mentioned period, then the builder has to fix the defects without charging the homebuyer within a period of 30 days from intimation.
Earlier, homebuyers used to suffer a lot of inconvenience when the possession of the property got delayed. But this is prohibited in the era of RERA. It is mandatory for the builders to complete their projects and hand over the possession as promised. Timelines have to be respected. If there is any delay in the handover, then the builders are required to pay an interest rate of 2% above the lending rate offered by the country’s largest nationalised bank, the State Bank of India. Builders may also face some legal consequences.
Builders cannot use the project money for other projects. To avoid this act, builders have to deposit 70% of the amount received from the homebuyers into a separate escrow account. They can only withdraw it in accordance with the construction stage and it has to be approved by builders’ chartered accountants and engineers. Builders are also prohibited from charging more than 10% of the cost of the property as advance before a sale agreement is drafted.
The homebuyers can approach RERA if they have any grievance against their builder. RERA has the authority to redress all the grievances. Homebuyers also have the right to file an appeal with the Appellate Tribunal who will solve the case within 60 days. If it fails to do so or delays, then it will mention the reasons for such failure. RERA comes to the rescue of the homebuyers.
All Risinia projects are RERA registered. In addition to offering a plethora of luxuries, these projects are safe and maintain all the rules and regulations laid down by RERA. All the financial transactions between the builder and the buyer are transparent here. Your abode reflects your lifestyle and RISINIA offers a classy lifestyle at all its ventures. Risinia Builders offer quality construction, setting a benchmark in the real estate sector. Their ventures are RERA registered and obey all the guidelines set by RERA. With various options available for homebuyers in the form of villas, apartments and flats, RISINIA is gaining fame for its opulence among its residents. Risinia ventures are the most trusted ones as they are RERA registered and work a classy lifestyle for the homebuyers. Risinia maintains quality, transparency and is bound to timely deliveries.
An own home is always desired by all and it is mostly a high value investment of life. One has to exercise precaution in selecting an abode for his family. Homebuyers should not fall prey to any malpractice. They are advised to go for RERA registered projects to avoid problems in the future. RERA registered projects are the most trusted ones and RERA safeguards the interest of the consumers. It is illegal to buy a project that is not registered with RERA. It is true that RERA is for homebuyers.