5 Major Benefits of RERA Act for Buyers

RERA, Real Estate (Regulation and Development) Act was passed in 2016. The purpose of this act is to protect home buyers as well as help boost investments in the real estate industry. Under this act, the state authority also acts as an adjudicating body for the speedy resolution of disputes. There are many benefits of this Act. We are going to tell you about some of the major benefits of the RERA act for buyers.

 

1. Right to Information About the Property: This act makes the registration of the builders, projects, and agents mandatory to the authorities which increases the accessibility of the information for the buyers. This also increases transparency and prevents you from becoming the victim of any malpractices. Due to the availability of information, You will not get hoodwinked due to any false promises.

2. Standardized Carpet Area: This is one of the most important benefits of this act. Earlier, the Carpet area used to vary from builder to builder which created confusion among the buyers. This act has introduced a formula for the calculation of the carpet area which has to be followed by every builder. Due to this, the builders can’t decide on the carpet area based on their own methods and are not able to increase the price of the property according to their will.

3. Accountability for Defects or Faults: RERA for the buyers makes the builders responsible for any construction defects or faults. If any defects in the workmanship or quality of the property are found within the five years of the possession, The builder is bound to rectify the defect within 30 days without any extra cost. The inability of doing the rectification gives you the right to claim compensation for that.

4. Quick Solution of the Grievances: You can take any grievances against the builder to the state authority acting under the RERA. They will quickly address the issue and provide the needed verdict. If you are not satisfied with the order then you can also appeal to the appellate tribunal to address your case. They will redress your case within 60 days. They will also give you the reason if they are unable in redressing the case. You will get the proper compensation if your case is valid and a builder will also have to pay the penalty determined by the appellate tribunal.

5. Builders won’t be Able to Delay the Project: If the builder is unable to complete the project within the designated time period then the buyers can withdraw from the project and will be given a full refund or they can continue with the project in return for some compensation. This will put pressure on the builder to get the project completed on or before the due date.

RERA for the buyers and the builders has its benefits and has made things a lot safer and easier. Some other important factors about this act are :

1. This act is applicable only for the development of the property, Renting does not come under this act. It also covers all commercial projects.

2. The builder who has received the certification for the project before the introduction of RERA is exempted from the provisions of this act. Any project which does not involve marketing or allotment of any new property is also exempted along with the projects involving renovation or redevelopment.