RERA stands for the Real Estate (Regulation and Development) Act which was passed in 2016 by the Government of India as a means to regulate the real estate industry, safeguard the interest of buyers, and encourage developers towards more professional and timely services. This has had a positive impact on India’s real estate industry with both buyers and builders benefiting from it.
As a homebuyer, you get to have a list of benefits from RERA, some of which are given below:
Knowing that all builders have to now register under RERA, that they will be held accountable for their actions and any delays, and that any grievances can be settled quickly and efficiently, gives homebuyers even more confidence to invest in a property that is promoted by a RERA-registered developer. They can also be assured that they will receive the property for possession within the time frame given to them. This means that they do not waste any money staying in a rented place beyond the timeframe planned by them just because the property is not ready as promised to move into.
Some of the regulations that developers have to abide by under RERA are as given below:
By streamlining rules for builders and developers, RERA has revolutionised the real estate industry. By holding builders accountable, it has actually made real estate projects more attractive to customers, thus increasing sales of projects for the real estate industry. With homeowners no longer being hesitant to buy homes due to the fear of delays or fraud, RERA has helped to increase sales for builders as well while also ensuring that the interests of buyers are safe-guarded at all times.
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