RERA - The Game Changer In The Real Estate Landscape
The Real Estate Regulation and Development Act (RERA) was introduced more than a year ago and there has been a significant change in the real estate industry since then.RERA aims at protecting the interests of the consumers (home buyers) and encourages transparent transactions in the real estate sector.
What Is RERA?
The Indian Parliament passed The Real Estate (Regulation and Development) Act in 2016. Along with other things, The RERA seeks to boost investments in the real estate sector. Under the Act, the central and state governments are required to notify their own rules on the basis of the model rules framed under the central Act.
The aim of RERA is to boost equitable and fair transaction between the seller and the buyer of the properties. RERA is constituted to make the purchases simpler and bring in better accountability and transparency.
Impact Of RERA On Home Buyers
As established earlier, RERA helps home buyers make a smart choice, even when it comes to selecting between top builders in Mumbai.
Some Of The Important Points Home Buyer Cannot Miss Are:
- The builder cannot launch the project or advertise before registering with RERA.
- The builder needs to share information about the project plan, layout, government approvals, land title status, and sub-contractors.
- There must be a consent of 2/3rd allottees about any other addition or alteration.
- Every real estate developer, even the top builders in Mumbai need to inform the allottees about any minor addition or alteration.
- Special attention has to be given to timely completion of projects and its delivery to home buyers.
- The real estate developers are now responsible for any defect in the building for 5 years which will make them increase the quality of construction.
- Formation of Resident Welfare Association within the specified time or after 3 months of the sale of the majority of units have been sold.
- 2/3rd allottees should give their consent for transferring majority rights to 3rd party.
How Does RERA Affect Millennials Who Plan To Buy Real Estate?
With RERA bringing in stringent rules and regulations making the real estate developers deliver better quality houses and delivering them within the deadline given by them, the millennials can now plan better and be rest assured that their investment will give them timely returns. The millennials generally buy real estate via payment schemes provided by top builders in Mumbai. RERA gives them an assurance that their investment is safe and there would not be a delay in the possession of the real estate property. this gives not just the millennials but, but every real estate consumer a sigh of relief.
The two new projects by one of the top builders in Mumbai- Ashray Group, which are Udyanjali in Vile Parle (East) and Jaswanti Woods situated in Mulund (West) are both registered with RERA.
Registration of Projects by Ashray Group on RERA
Jaswanti woods have features like Vastu compliant design, meditation area, children’s play area, fully equipped gymnasium and much more. All this is built while paying attention to high-quality delivery.
To sum it all, RERA has come as a boon for real estate consumers. It also promotes quality developments and reduces the hassle for the buyers. As consumers, always make sure you check the RERA registration of the project which will give you an assurance of timely delivery and quality houses.