Real Estate Regulatory Authority (RERA) Benefits to Buyers

the real estate regulatory authority (rera) is proposed to regulate the real estate sector. it is a key reform measure and is expected to establish more transparency in the real estate sector.  

the proposed act main benefits to the buyers are:

  • the builder has to compulsorily register the commercial and residential projects, where the project/apartment is proposed to exceed five hundred square meters (500 sq. mt.), or more than eight apartments. it will ensure efficient project marketing and execution.
  • the builder must set aside 70% of the money collected from the buyer in a separate account. it is proposed to ensure that the developer does not divert the buyer's investment to other projects. this will lead to more housing units in the market. it also brings more confidence in buyer and stabilise property prices.
  • rera will protect the interests of the consumers.  under this act, a buyer can get the property within the time specified by the builder.
  • rera mandates the buyers to pay only for the carpet area rather than super built-up area. carpet area includes the usable spaces like kitchen, hall, balconies and toilets.
  • up to 5 years the builder is responsible to repair structural defects of the property to the buyer.
  • it is proposed to set up a dispute redressal tribunal to protect the interest of consumers and address disputes quickly.

log into https://propertyadviser.in  to know about the current trend of real estate sector in hyderabad.

by:  shailaja k