Most of us dream of purchasing our own homes, and why not? It is assuredly one of the best investments for a lifetime. However, we are often skeptical about diving into this investment because of delayed or faulty projects, no post-sale services, including several other unfair and illegal practices. The buyer usually has to face a loss of money and a waste of time. However, the Government of India launched The Real Estate (Regulation and Development) Act or RERA, a regulatory bodyfor the real estate sector. Under this act, the regulations aim to protect the buyers’ interest right from the beginning to the end of the purchase and even after it.NoBroker – top property listing site in India has all RERA registered properties.
Top 10 Things to know about RERA
1. Developers have to register with RERA, enabling the buyers to deal with only authentic developers.
2. The buyer has to be informed about any changes in the project in advance. In case of significant changes done to the project concerning all the buyers’ interest, the developer must attain the consent of at least two-thirds of all the buyers before going ahead with any changes.
3. This Act applies to at least 500-plus square meter projects and under-construction residential projects.
4. Since the developers have to stick to their committed deadline, the projects will be delivered on time, failing to which the buyers are entitled to claim interest and refund. The developer can even be fined or jailed for up to three years.
5. The developers have to disclose detailed information about the project, the plan, structure, etc. on their website and RERA, and regularly be review and update these details.
6. The buyers will have to pay only for space within the walls they will live in and not for additional costs, such as elevators, lobby, etc. Hence the developers have to specify the price of the exact carpet area the buyer will be paying.
7. 70% of the buyer’s amount has to be transferred to another account. This amount has to be used only towards the construction of the project.
8. Both parties will sign regulated agreements aiming to equal out both parties’ responsibilities.
9. The builder will have to attain necessary approvals and permissions before carrying out any project.
10. If you notice any fault or defect within one year of purchasing the house, you are legally entitled to contact your developer for after-sales services. If your developer defaults, you can file a complaint with RERA, who will resolve the dispute within 60 days.
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