Jayvardhan goenka key points that buyers must remember under rera

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RERA is an extensive framework designed to protect buyers across the country. It highlights various protocols and procedures that all builders must follow, as prerequisites to protect the consumer. Consumers can trust the system better, as they focus on procuring their dream home or investment.

However, there are key pointers that all buyers must remember when it comes to RERA.

Industry leaders, such as Jayvardhan Goenka, Director of DB Realty, recommend that all consumers review the policies laid out frequently. There are local and state frameworks applicable, with national level policies that all builders must follow. Many of them are designed keeping in mind the modern buyer and their rights throughout the process.

The Real Estate (Regulation and Development) Act, 2016 (RERA) highlights that all alterations must be made by consulting two thirds of the allottees first. Minor alterations must also be informed to the buyers and residents as and when they are performed. This is to keep everyone in the loop of the proceedings, without introducing any ambiguity within the development process. Jay Goenka of DB Realty and other experts and industry leaders recommend that buyers remain in contact with builders to ensure that the project is developed as planned.

RERA has strictly laid out in its framework that new projects cannot be advertised to customers prior to registration of developers, agents, etc. This is to protect all buyers who may want to inquire further about a certain advertisement or project.

Additionally, it is made mandatory to prevent unethical practices from emerging within the regional real estate space in individual states. Through greater compliance comes greater transparency, which is one of the main goals that RERA aims to accomplish.

There shall be no hidden information kept from the buyer, as it is their right to obtain all details beforehand. This is an important step in the right direction, as buyers hold these rights even after obtaining possession. Additionally, buyers can inquire about the status of the project at any point in time with the builders having to share a response. Information about sub-contractors, land details and blueprints must also be presented to all buyers who have invested in the project.

This is a strong move undertaken to protect consumers, as there have been unethical practices in the past with regards to this. Builders would often move money collected from one project onto another and delay the overall construction of the original projects. This made the buying process that much more complex, with delays being introduced in the mix. RERA has ensured that builders will complete the project as designed, since the capital is parked in a reserve fund.