The Indian Real Estate (Regulation and Development) Act, 2016 widely known as RERA was implemented to usher in transparency, responsibility, and efficiency into the real estate industry. This landmark legislation seeks to safeguard the interests of home buyers so they have confidence when transacting in real estate. Whatever your level of experience as a property buyer, knowing RERA and its advantages can greatly improve your property buying experience.
What is RERA?
RERA was enacted to cure problems that plagued the real estate sector such as project delays, unfair practices, and lack of transparency among others. The act establishes a regulatory framework where all real estate projects and agents adhere to certain standards and practices thereby protecting consumer’s rights.
Key Benefits of RERA for Homebuyers
1. Transparency and Information Disclosure
· Project Details: Developers are required to present detailed project information including layout plans, government approvals; land title status; completion schedule, etc. This information is supposed to be available on the website of RERA.
· Quarterly Updates: Project progress should be updated by developers every quarter so that stakeholders can be informed about construction milestones
2. Timely Project Completion
· Strict Deadlines: Developers must complete their projects within a given time frame set up by RERA. In situations of defaults, they have to compensate buyers at a mutually agreed rate.
· Financial Prudence: This is to ensure that the money is used exclusively for construction and land-related costs, thus reducing chances of fund diversion; developers will have to deposit about 70% of funds in a separate escrow account.
3. Standardized Sale Agreement
· Fair Contracts: The act provides a model sales agreement that guarantees fairness and transparency in terms and conditions and protects buyers from unscrupulous clauses thereby minimizing conflicts.
4. Dispute Settlement
· RERA Authority: Each state has established a RERA authority to address consumer complaints and disputes. Buyers can file complaints against developers, agents, or projects for any violations of the act.
· Assign Officers: Dedicated officers are appointed to resolve disputes in a time-bound manner, ensuring swift justice for aggrieved buyers.
5. Liability To Defects
· Five-Year Warranty: Developers are liable to rectify any structural defects or poor workmanship in the property for up to five years from the date of possession. This ensures long-term quality assurance for homebuyers.
6. Regulations On Agents
· Registration Requirement: Real estate agents must register with RERA to operate legally. This ensures that buyers deal with certified and accountable professionals thus minimizing risks of fraud being committed by anyone.
7. Property’s Clear Title
· Title Insurance: developers are advised to furnish a clear legal right to land that they can protect through title insurance since it safeguards purchasers against any issues related to ownership or title concerning a parcel of land.
Why Select Real Estate Dekho?
Real Estate Dekho, we ensure that you find your dream home and at the same time make sure that your investment is secure. All properties listed on Real Estate Dekho have been approved by RERA to comply with the highest standards of transparency and legality. Our listings are carefully crafted in such a manner that no property goes without having adhered to all the strict requirements by RERA; therefore you can confidently scan our lists knowing that you will not encounter any illegitimate list.RERA has completely changed the face of the Indian real estate market; it has promoted transparency, accountability, and consumer protection. As a potential home buyer, information about the benefits of RERA will help you make informed choices and secure your investment. Hence, Real Estate Dekho exists for nothing but offering RERA-compliant properties to ensure that you get an uncomplicated experience when buying a house by making it transparent from start to finish. Begin your journey towards finding your future residence now by going through our RERA registered properties available for sale today on our website!
