The real estate sector in India has developed in recent years but has been by and large unregulated from the point of view of customer protection. This has impacted the overall prospective rise of the industry owing to a lack of professionalism and standardization. To govern the sector in India, the government has come up with the initiative of the Real Estate (Regulation & Development) Act, 2016 (RERA).
What is RERA?
The RERA Act India was put into action to guard the interest of the homebuyer and make sure the appropriate delivery of projects. Even though RERA is a central law, its execution will be contingent on state governments, as real estate is a state subject.
Let’s look at 5 key features of the RERA Act and how it helps the housing sector India:
Registration of Real Estate Agents: RERA mandates advance registration of real estate agents with real estate regulatory authority who are eager to enable the sale or purchase of any property, flat, or building in a real estate project that is registered under RERA. Thanks to this provision, real estate agents are also included in the realm of REAR, thereby making sure liability on their part.
Transparency to Buyers: After receiving the login Id and password once you have registered, the promoter can create his web page on the website of the Authority and input all details of the prospective project for public viewing.If you were looking at 2 BHK apartments in Chandivali, this would be a great way for homebuyers to continue to be updated about the status of the project by just visiting and checking the website of the authority.
Carpet Area Defined: ‘Carpet area’ essentially means the net usable floor area of a flat, excluding the region encompassed by the external walls, places under the services shafts, exclusive balcony or verandah area, and the exclusive open terrace area. But it does include the region covered by the internal partition walls of the home. The price of the property is contingent upon the carpet area.
Thanks to the clear definition of the carpet area, builders and developers will not be able to use their own technique of calculation. This will prevent manipulation by the developers who used to raise the carpet area of their own will to increase the prices of the property.
If you’re looking at the best flats for sale Mumbai, thanks to the RERA Act, you will not be manipulated into paying more because of the elaborate definition of the carpet area.
Responsibility to Acquire Occupancy Certificate: The builder needs to be entrusted with the duty to get the occupancy certification or the completion certificate or both, as applicable, from the concerned authority according to local laws or other laws for the time being.
Grievance Redressal: Any aggrieved individual may register a complaint with the Real Estate Regulatory Authority or the adjudicating officer, for any defilement or breaking of the provisions of the Act or the rules and regulations enforced under any promoter, allottee, or real estate agent.
To sum up, the many features of the RERA Act can make it easier for home buyers. If you’re looking for a home, you can peruse through the extensive line-up of the available properties for sale MMR in IndexTap.
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