what is RERA?
The Act of the Parliament of India on Real Estate (Regulations and Development) 2016 seeks to protect home buyers and to promote real estate investment. The Act creates an Immobilien Regulatory Authority (RERA) for real estate regulation and is also a body responsible for the rapid resolution of conflicts in each country.
Objectives of RERA Registration
- Better accountability and transparency in the interests of customers
- Mechanism for the arbitration of conflicts complaints
- Reducing bribery by increasing enforcement and maintaining fair play by reducing delays
- Professionalism and existing requirements contribute to smooth property sector operations
- RERA leads to quick and simple purchases with the burden put upon the creator as well as the customer.
- It generates visibility for the pursuit of good governance.
benefits of RERA for buyers :
Right to Information of the Property
This is one of the main benefits of the home buyer's RERA clause. On many fronts, one can use this information. All project details, such as schedule layout, execution planning, implementation measures, competitive standing, etc., can be shared by the developer.
Standardized Area for Carpets
To measure the carpet area of a house, each builder had his own formula. Yet RERA has a standardized version of how a carpet area should be measured. RERA describes the field of carpets as, 'The net accessible floor space of an apartment, excluding the area protected by the exterior walls, the service shaft areas, the exclusive balcony or verandah area, and the exclusive open terrace area, but includes the area covered by the apartment's internal partition walls.' With this definition, as the price of a property in real estate in India depends on the carpet area, the builders need to explain how much carpet area they sell.
Builders Would Be Held Liable for Any Defect/Fault in The Building
If there is some flaw or error in the building of your apartment, the reconstruction must be performed by the real estate developer under the RERA act. This is because the house is structurally unsafe for up to 5 years from the date of ownership. Once the fault is found, the work needs to be completed within 30 days.
Grievances can be easily resolved and solved
If you are not satisfied with the building or if your commercial property or residential property is otherwise in trouble in Mumbai, you will go to the Appeals Court. Within 60 days, this tribunal will resolve the case.
Builders are not able to delay projects
Under RERA, each developer of the immobilization property has to give a deadline for the handover of the property. If the constructor cannot finish the project until the date of delivery, he will be subject to penalties.
