RERA is for Homebuyers | Risinia Builders

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• RERA is for Homebuyers
• Purchasing a real estate property used to be
  fraught with complications or threats. If a
  property was left unattended, it was almost
  certain to be illegally occupied, or
  unauthorised property sales were common. All of
  these unfair and illegal practises came to an
  end with the implementation of RERA. RERA has
  brought discipline to the real estate sector,
  and we can now confidently state that
  malpractices by anyone are no longer possible in
  the presence of RERA. It provides additional
  benefits to home buyers in addition to
  protecting their property rights. To enjoy the
  path of discipline and avoid the pain of regret,
  one should always choose RERA registered
  projects. RERA remains for homebuyers.
• What exactly is RERA?
• RERA, or the 'Real Estate Regulatory Authority,'
  was established by the RERA Act, which was
  introduced in 2016 by the Government of India to
  protect the real estate sector, but it went into
  effect on May 1, 2017. The purpose of this act is
  to maintain transparency and efficiency in the
  buying and selling of real estate, to protect
  homebuyers' interests, and to promote the real
  estate sector. Essentially, it is intended to
  bring discipline to the real estate sector. RERA
  has established a website that houses the
  records of registered projects in order to fulfil
  its responsibilities.
• The Benefits of RERA-Approved Projects
• RERA has provided homebuyers with a sense of
  relief. RERA-approved projects must adhere to a
  few rules and regulations that benefit homebuyers
  while also promoting the sector. RERA benefits
  everyone while eliminating illegal and unfair
  practises.
• Here are a few of the advantages that RERA
  provides to homebuyers.
• Builders must register their projects
• Builders must register their projects with RERA
  before beginning project promotion, according to
  RERA Guidelines. Builders are required to include
  their RERA registration numbers in their
  projects. They must obtain all necessary
  permissions and upload all project details to
  the official website.

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• Transparency in All Transactions
• Builders are required to be transparent in all of
  their dealings with homebuyers. They are
  required to inform homebuyers about all aspects
  of their project, whether major or minor. The
  amenities and specifications that a builder
  promises for his project must be reflected in
  the finished structure. He has no authority to
  alter the plan without the written consent of
  the homebuyers.
• Contractors should only bill for carpet space
• The surplus area of the project cannot be charged
  for according to RERA. The carpet area must be
  charged for, not the built-up or extremely
  built-up area. The space enclosed by external
  walls, which includes amenities like the
  elevator, stairs, lobby, balcony, and other such
  shared areas, shouldn't be assessed to
  homebuyers.
• No Properties With Poor Construction
• RERA has introduced a clause stating that a
  building must be free of any form of structural
  flaw, for a minimum period of 5 years after a
  buyer receives possession of the property, in
  order to protect homebuyers from badly
  constructed buildings or from any loose ends in
  construction. If a mistake is discovered during
  the aforementioned time frame, the builder has
  30 days from notification to repair the problems
  without charging the homebuyer.
• Project Delays Must Be Payed
• Previously, homebuyers experienced significant
  inconvenience when possession of the property
  was delayed. However, in the RERA era, this is
  not permitted. Builders are required to complete
  their projects and hand over possession on time.
  Timetables must be followed. If the handover is
  delayed, the builders must pay an interest rate
  of 2 above the lending rate offered by the
  country's largest nationalised bank, the State
  Bank of India. Builders may also face legal
  consequences.
• Builders Should Maintain an Escrow Account
• Builders are not permitted to use project funds
  for other projects. To avoid this act, builders
  must place 70 of the money received from
  homebuyers in a separate escrow account. They
  can only withdraw it during the construction
  stage, and it must be approved by chartered
  accountants and engineers. Builders are also
  prohibited from charging more than 10 of the
  property's cost as an advance before drafting a
  sale agreement.

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• 2.7. RERA Steps in to Save the Day
• If a homebuyer has a complaint about their
  builder, they can file it with RERA. RERA has
  the authority to resolve all complaints.
  Homebuyers can also file an appeal with the
  Appellate Tribunal, which will resolve the case
  within 60 days. If it fails to do so or is
  delayed in doing so, it will explain why. RERA
  comes to the aid of homebuyers.
• RERA and RISINIA
• If a homebuyer has a complaint about their
  builder, they can file it with RERA. RERA has
  the authority to resolve all complaints.
  Homebuyers can also file an appeal with the
  Appellate Tribunal, which will resolve the case
  within 60 days. If it fails to do so or is
  delayed in doing so, it will explain why. RERA
  comes to the aid of homebuyers.
• RERA is intended for homebuyers
• Everyone wants their own home, and it is usually
  a high-value life investment. When choosing a
  home for his family, one must exercise caution.
  Homebuyers should not be taken advantage of.
  They are advised to choose RERA-registered
  projects to avoid future problems.
  RERA-registered projects are the most trusted,
  and RERA protects consumers' interests.
  Purchasing a project that has not been registered
  with RERA is illegal. True, RERA is intended for
  homebuyers.
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