Real estate selling and purchase, lately, has become an irksome experience for all parties involved. All stakeholders involved, the seller, the buyer, and even the agent if any, find the process burdensome and full of ups and down.
Countless complaints and numerous noises don’t seem to make any dent in the hassles faced by the prospective homebuyers.
There are high-profile judicial cases involving several India personalities and multi-billion real estate enterprises. This only seems to raise the concern among the layman in India and in some cases, dissuades them from buying a house forever. This is despite the fact that several provate and public-sector banks have made home loans easier and friendlier to obtain.
However, much-needed relief now comes in the form of RERA - Real Estate Regulatory Authority 2016 Act. Termed by experts as revolutionary, this new set of regulations is much needed relief. Its impact is now likened to the impact of consumer courts and the way they changed companies and brands to be more consumer friendly and accountable.
Real estate developers and brokers have been brought under a law that holds them specifically accountable for any nightmarish experience faced by the buyer. Providing the right guidance driven by hard work and research, RERA in hot markets like Delhi, UP, and Noida has proved to be a blessing and helped consumers in making a better decision and buying properties that offer them only countless joys sans any troubles.
But how does RERA make life easier for home buyers? A few salient features:
A. Booking amount
Some builders may ask for more than 10 per cent of the total cost of the property as a booking amount. The 'agreement of sale' is prepared at a later date. Now as per RERA, a builder cannot accept more than 10 of the cost of the property, as an advance payment or an application fee, without first entering into a registered agreement for sale.
B. Project registration
Registration number is now mandatory before a project gets advertised. This number helps keep tab on all activities of the builder pertaining to the project including advertisement and marketing of the project.
C. Ongoing projects
RERA will not only cover the new launches but also the on-going the projects.
D. Home buying advertisement
No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act. Each advertisement has to carry the RERA registration number.
For more details on RERA and its benefits, follow the link: