All You Need To Know About RERA & Benefits Of It
The RERA Act is a crucial part of the home buying process. RERA protects buyers from fraudulent deals, brings more transparency, and provides a fast-track platform to address complaints.
The advent of the RERA Act in 2016 streamlined the real estate market. This has mainly benefited the property buyers in a number of ways.
Before RERA, the Real Estate market was unorganized. Meaning, there was no authority that governed the different stakeholders in the real estate sector. The absence of a registry and the regulations for the builders, developers, agents, and projects often lead to unprofessional practices and frauds. Delays in the project's completions, misleading promotions, and non-transparency in the cost structure were some of the prevailing problems before the RERA act.
So to protect the home buyers and ensure professional practices in the real estate sector, Real Estate Regulatory Authority (RERA) was established under the RERA Act 2016. Understanding some of the key points of the RERA Act is important for you as a homebuyer. This will help you to be more alert and make smart decisions in the home buying process.
What Is RERA?
The Real Estate Regulation And Development Act 2016, established the Real Estate Regulatory Authority (RERA) to regulate and promote efficient and transparent real estate transactions.
RERA protects the interest of the property buyers by establishing a speedy dispute redressal mechanism. And ensures that sales of a plot, apartment, building, real estate projects, etc are done according to the standard centralized guidelines.
RERA clearly outlines the responsibilities of the Real Estate Promoters (Builder or Developers), Real Estate Agents, and Buyers. Non-compliance with any of the RERA provisions can be subject to the stringent penalties stated in the RERA Act.
Responsibilities Of the Builder Under RERA
Without the RERA registration, the Builder or promoter cannot sell, promote or book any apartment or building. Therefore the prime responsibility of the builder or promoter is to have an official RERA registration.
Also, for every real estate project, the promoter has to make an application to the RERA with the important details and the documentation regarding the project.
RERA Registration
It is compulsory for the promoter to have the RERA registration. Except where the area of the proposed land of the project is not more than 500sq ft or the number of units/apartments are less than 8.
RERA Details
The promoter should have a webpage on the official RERA website with the following important information:
RERA registration details of the promoter
The updated list of bookings on plots and apartments
Updated list pending and in-process approvals with the RERA
Quarterly Status on The Projects
The advertisements or the promotions should include all the important details related to the RERA registration.
Providing Important Information
At the time of booking, Builder should issue an allotment letter to the buyers with the following key details.
Important specifications, Sanctioned building plans, and approved layouts.
Project completion time schedule and stages of construction.
Details of the basic infrastructure such as water, electricity, and gas connections.
Get The Approvals From The Authorities
The promoter is responsible for getting the completion and the occupancy certificate from the local governing bodies.
Maintenance
It is the responsibility of the developer to provide the essential services until the association of the allottees takes over the maintenance of the building. This also includes Paying the taxes, water, electricity charges, maintenance charges, etc until the transfer of the physical possession of the properties to the buyers.
To Know More, Source Link: What Is RERA
Comments
Post a Comment