The Real Estate Regulatory Authority (RERA) Act has been India’s first major attempt to regulate and transform the real estate sector. Along with reduced interest rates on loans, stable property prices and the enhancement of the affordable housing segment, RERA has helped regulate the real estate sector in India.
RERA has brought about a great level of accountability, transparency and efficiency in all kinds of real estate dealings, and ensured quality construction and timely deliveries.
Here are some ways in which RERA has made the home buying process more transparent:
Builders are more accountable: RERA dictates that builders are not permitted to use homebuyers’ funds for the construction of any other property, except that which is in their name. Additionally, builders are held accountable for structural defects and other issues related to workmanship with regard to the property in question. The established and reputed real estate developers have benefited from RERA and have emerged as the clear winners. Their compliance with the norms is clear and evident.
Significant compensation against delays: RERA ensures that the homebuyer receives a refund on the deposits made and ample compensation in the case of an unavoidable delay in the completion of the project.
Buyers’ concerns are efficiently redressed:Grievance redressal has been given high priority since the implementation of RERA. Homebuyers can directly approach the National Consumers Dispute Redressal Commission (NCDRC) by bypassing the lower consumer courts. This has greatly empowered the consumers and restored faith in the home buying process.
Assurance of quality construction: Under RERA, it is incumbent upon builders to follow a certain prescribed standard for construction. Whether it is the materials used in construction or the overarching construction guidelines to be followed, builders will be required to produce quality construction at all costs. Since the implementation of RERA on May 1, 2017, there has been a drop in the number of new real estate projects. The focus has shifted on quality construction and timely completion of ongoing projects.
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BACK 22, June 2018