RERAisforHomebuyers
Purchasingarealestatepropertyusedtobefraughtwithcomplicationsorthreats.Ifa propertywasleftunattended,itwasalmostcertaintobeillegallyoccupied,or unauthorisedpropertysaleswerecommon.Alloftheseunfairandillegalpractises cametoanendwiththeimplementationofRERA RERAhasbroughtdisciplineto therealestatesector,andwecannowconfidentlystatethatmalpracticesbyanyone arenolongerpossibleinthepresenceofRERA Itprovidesadditionalbenefitsto homebuyersinadditiontoprotectingtheirpropertyrights.Toenjoythepathof disciplineandavoidthepainofregret,oneshouldalwayschooseRERAregistered projects RERAremainsforhomebuyers
1.WhatexactlyisRERA?
RERA,orthe'RealEstateRegulatoryAuthority,'wasestablishedbytheRERAAct, whichwasintroducedin2016bytheGovernmentofIndiatoprotecttherealestate sector,butitwentintoeffectonMay1,2017 Thepurposeofthisactistomaintain transparencyandefficiencyinthebuyingandsellingofrealestate,toprotect homebuyers'interests,andtopromotetherealestatesector.Essentially,itisintended tobringdisciplinetotherealestatesector.RERAhasestablishedawebsitethat housestherecordsofregisteredprojectsinordertofulfilitsresponsibilities.
2.TheBenefitsofRERA-ApprovedProjects
RERAhasprovidedhomebuyerswithasenseofrelief.RERA-approvedprojectsmust adheretoafewrulesandregulationsthatbenefithomebuyerswhilealsopromoting thesector.RERAbenefitseveryonewhileeliminatingillegalandunfairpractises. HereareafewoftheadvantagesthatRERAprovidestohomebuyers.
2.1.Buildersmustregistertheirprojects
BuildersmustregistertheirprojectswithRERAbeforebeginningprojectpromotion, accordingtoRERAGuidelines.BuildersarerequiredtoincludetheirRERA registrationnumbersintheirprojects.Theymustobtainallnecessarypermissionsand uploadallprojectdetailstotheofficialwebsite
2.2.TransparencyinAllTransactions
Buildersarerequiredtobetransparentinalloftheirdealingswithhomebuyers.They arerequiredtoinformhomebuyersaboutallaspectsoftheirproject,whethermajoror minor.Theamenitiesandspecificationsthatabuilderpromisesforhisprojectmustbe reflectedinthefinishedstructure Hehasnoauthoritytoaltertheplanwithoutthe writtenconsentofthehomebuyers.
23 Contractorsshouldonlybillforcarpetspace
ThesurplusareaoftheprojectcannotbechargedforaccordingtoRERA.Thecarpet areamustbechargedfor,notthebuilt-uporextremelybuilt-uparea.Thespace enclosedbyexternalwalls,whichincludesamenitiesliketheelevator,stairs,lobby, balcony,andothersuchsharedareas,shouldn'tbeassessedtohomebuyers.
24 NoPropertiesWithPoorConstruction
RERAhasintroducedaclausestatingthatabuildingmustbefreeofanyformof structuralflaw,foraminimumperiodof5yearsafterabuyerreceivespossessionof theproperty,inordertoprotecthomebuyersfrombadlyconstructedbuildingsorfrom anylooseendsinconstruction Ifamistakeisdiscoveredduringtheaforementioned timeframe,thebuilderhas30daysfromnotificationtorepairtheproblemswithout chargingthehomebuyer.
2.5.ProjectDelaysMustBePayed
Previously,homebuyersexperiencedsignificantinconveniencewhenpossessionofthe propertywasdelayed However,intheRERAera,thisisnotpermitted Buildersare requiredtocompletetheirprojectsandhandoverpossessionontime.Timetablesmust befollowed Ifthehandoverisdelayed,thebuildersmustpayaninterestrateof2% abovethelendingrateofferedbythecountry'slargestnationalisedbank,theState BankofIndia.Buildersmayalsofacelegalconsequences.
2.6.BuildersShouldMaintainanEscrowAccount
Buildersarenotpermittedtouseprojectfundsforotherprojects.Toavoidthisact, buildersmustplace70%ofthemoneyreceivedfromhomebuyersinaseparateescrow account.Theycanonlywithdrawitduringtheconstructionstage,anditmustbe approvedbycharteredaccountantsandengineers Buildersarealsoprohibitedfrom chargingmorethan10%oftheproperty'scostasanadvancebeforedraftingasale agreement.
2.7.RERAStepsintoSavetheDay
Ifahomebuyerhasacomplaintabouttheirbuilder,theycanfileitwithRERA.RERA hastheauthoritytoresolveallcomplaints.Homebuyerscanalsofileanappealwith theAppellateTribunal,whichwillresolvethecasewithin60days.Ifitfailstodoso orisdelayedindoingso,itwillexplainwhy RERAcomestotheaidofhomebuyers
3.RERAandRISINIA
Ifahomebuyerhasacomplaintabouttheirbuilder,theycanfileitwithRERA RERA hastheauthoritytoresolveallcomplaints.Homebuyerscanalsofileanappealwith theAppellateTribunal,whichwillresolvethecasewithin60days.Ifitfailstodoso orisdelayedindoingso,itwillexplainwhy.RERAcomestotheaidofhomebuyers.
4.RERAisintendedforhomebuyers
Everyonewantstheirownhome,anditisusuallyahigh-valuelifeinvestment.When choosingahomeforhisfamily,onemustexercisecaution.Homebuyersshouldnotbe takenadvantageof TheyareadvisedtochooseRERA-registeredprojectstoavoid futureproblems.RERA-registeredprojectsarethemosttrusted,andRERAprotects consumers'interests PurchasingaprojectthathasnotbeenregisteredwithRERAis illegal.True,RERAisintendedforhomebuyers.
Learnmore https://www.risinia.com/blog.html
Contactus risiniabuilders@gmailcom info@risinia.com Phno-9100888803/04/05
Address R/OSreeHanuma'sPagadalaPride, Block-A,1stFloor,Opp.BharatPetroleum, GandimaisammaRoad,Bachupally, Hyderabad-500090
OurrecentongoingEdgeproject- ApartmentsForSaleInPragathiNagar