How will RERA be helpful: Buyer’s point of view
The commencement of RERA with effect from 1st May 2017 gives the homebuyers a hundred reasons to smile. Formulated by the Indian government with an aim to maintain clarity and transparency in the real estate sector, the ACT has been warmly welcomed by the potential homebuyers. RERA makes them the kings of the industry and benefits them in several ways.
The main concern of the buyers that is the delay in the delivery of the projects, which had almost become a norm in the industry, will be handled smartly wherein the defaulting developers shall be penalized considerably in order to stop this tradition. The builder-buyer deals shall be made more equitable and transparent and it will be mandatory for the developers to furnish accurate project details namely layout plans, legal status, approvals received, interior specifications, well-defined product typology and time required for the completion and delivery of the project. The maintenance of funds in the escrow account shall regulate the cash flow movements so that the funds are not transferred into some other project. As per the provisions of the ACT, the flats shall be sold on the basis of carpet area and not on super built area because this is what the buyers actually get. There won’t be any unwanted surprise or sudden shocks as the builders will not be allowed to make any changes in the layout or specifications of the project without taking a written consent from the byers and the product quality shall also be paid due importance. Last but not the least, the state Regulatory Authority will help in quick redressal of any sort of builder-buyer disputes thus boosting the confidence of the prospective homebuyers.
All these advantages will help increase the real estate sales which were otherwise witnessing a dampened growth.