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Major Benefits of RERA for Homebuyers
19 October 2021
The Real Estate Regulations Act (RERA) was introduced in 2016 and proved to be an unprecedented decision by the Indian Government to protect the interests of home buyers. The main objective of RERA is to provide relief to the buyers from the negligences of unfair builders. The uniformity brought by RERA has transformed real estate into an organized sector. All the builders and homebuyers have adapted to these criteria of RERA and have started maintaining a clear and honest relationship with homebuyers for helping them buy luxury to budget-friendly homes in Navi Mumbai and Mumbai.
Right to Information
After the introduction of RERA, home buyers are the ones who are favoured most with the right to information. Maintaining transparency in real estate with the right to information is the aim of this act. The builder is empowered to share all the information such as project layout, floor plans, completion stages, unit plans, and many other details. These details provided by the builder make the home-buying process more genuine.
Standardization
Earlier each developer had their own methods of developing homes whether it is about setting rooms, bedrooms, BHK, calculating carpet areas. As now, RERA has given guidelines for all and has standardized the carpet area named as the net usable floor area of an apartment that banishes the area covered by external walls, areas under services bars, balcony, or an open terrace area and internal walls. It has given a trust of hope for homebuyers. As per mandates given by RERA, the developers need to define the carpet area being offered to the homebuyers as pricing depends on it.
Solutions are quicker by RERA
Any grievances related to property or any scam by the builders associated with home or commercial property can be proclaimed to the Appellate Tribunal. They will address the case within 60 days. This initiative by RERA has presented the real estate sector customer-centric industry.
Developers need to make perfect
The builders are inclined to amend architectural defects found in the property or the building, within the provision of the service period of 5 years after the handover of the society.
Delays are prohibited in the possession
As per RERA, the builders need to propose a delivery date of the possessions to homebuyers along with other details of the project. If the possessions exceed the speculated given date then the builder may be subjected to penalties, until there are reasons which are beyond developers' control like, any natural calamity, delayed in the raw material production in industry, etc.
Sambhav Group has always kept loyal relations with its customers. To take ahead this loyal relationship with its customers along with RERA mandates, Sambhav Group Developers have all their projects registered with RERA, some popular are Deep Divine, Deep Planet, Deep Visionaire, etc. You can verify the details and authenticity of the project on MahaRERA The following are the RERA Number of the given projects are as follows: