Every think You Need Know about Properties Registered under RERA
For each Indian citizen’s overall socioeconomic well-being, secure and stable access to housing and infrastructure is essential. The creation of a unified ecosystem based on state and regulatory support serves as a catalyst for positive change. RERA was implemented in India in 2016 with the same goal in mind.
Total number of properties registered under RERA in the state, as well as RERA’s benefits
Transparency, developer compliance, grievance redress, and customer confidence have all risen dramatically since RERA was implemented. RERA has been successful in addressing many of the issues that the real estate industry faces, both from the seller and consumer perspectives.
Benefits and RERA
The Real Estate Regulation (and Development) Act (RERA) was enacted to encourage investment and growth in the real estate sector while also safeguarding the interests of buyers. After five years, Boston Consulting Group (BCG) and Omidyar Network India (ONI) released a report summarising the benefits and drawbacks of RERA.
According to the report, 76 percent of buyers prefer to invest in RERA-registered properties in the future. According to the report, approximately 70% of buyers are aware of the RERA Act, but only 77 percent of all projects are registered, with metro and tier-I cities leading the way.
27 Indian states have created a web portal for assistance in order to improve transparency and reduce information gaps. Six states and union territories, on the other hand, have yet to set up the portal or adequately implement RERA.
Let’s take a look at RERA’s list of benefits since it’s making slow but steady progress in terms of customer experience and property buying processes.
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Possession of Property in a Timely Manner
Real estate promoters and sellers who register on the RERA portal commit to completing the project on time. Failure to do so could result in severe penalties under the act. Furthermore, after the sale agreement, promoters can only ask for 10% of the booking amount.
Find the most up-to-date information on a property.
From the time of conception to completion and possession, the promoters must provide accurate property details. The details include the amenities provided, the start and completion dates, and other non-negotiable details.
Assured License Clearance.
Before selling a single unit, real estate promoters must obtain various building licenses for all RERA-registered properties. It ensures that customers aren’t drawn in by a deceptive scheme or amount.
Repairing flaws quickly
The promoters are required by the RERA Act to repair all defects and deficiencies in the unit sold to the consumer after possession. The total number of repairs may differ.
Restricted advertisements
Only after a real estate project has been registered under the RERA Act can the promoters advertise it. For the convenience of their customers, all ads must include the registration number.
Note that the above links contain all of the information about the RERA-registered projects, including the customer redress platform and similar services.
Summary
The RERA Act is implemented at the state level, with functioning government bodies in charge of commercial and residential real estate registration and approval. Furthermore, state government bodies keep track of real estate project sale and purchase transactions.
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