Everyone’s dream is to purchase a property. However, due to real estate prices still being relatively high in relation to income levels, not everyone can buy a property.
The rights of the average person who used his entire life’s resources to purchase real Estate were extremely restricted. The government introduced the RERA Act to protect and safeguard the home buyers’ interests and ensure that they are not taken advantage of by developers or builders.
Today, a buyer only looks for RERA-approved flats.
What is RERA?
RERA stands for Real Estate Regulatory Affairs. It upholds transparency in the real estate industry. Prior to 2016, the real estate industry didn’t have any rigid rules governing their sales. This caused a lot of discrepancies and problems within the industry.
However, in 2016, a rule was passed by the Government of India. The RERA aims to safeguard homebuyers’ rights while simultaneously encouraging investment in the real estate market. In addition to outlining specific laws and regulations that all builders and developers must follow, it has given homebuyers several privileges.
According to the RERA Act, a Real Estate Authority and Appellate Tribunal must be established in each state. A residence purchaser may also protest to this body if the builder or developer has committed any wrongdoing.
Why is RERA important?
RERA is necessary for Indian real Estate since it will increase investor confidence. Real Estate is one of India’s top industries. Additionally, it needs transparency and power to oversee its operating plan. In actuality, it presently serves as a pristine marketplace for purchasers, reducing the risk that buyers faced before the introduction of the legislation.
The act is improving clarity between property buyers and developers. It increases the level of trust between customers and sellers. In reality, it has created a state agency to oversee business and real estate transactions.
Advantages of buying RERA approved flats:
Whenever you plan on buying an apartment, make sure you buy RERA approved flats. This way both you and the developer will be safe.
- The developer must provide prompt home ownership, which is good news for property buyers. The developer must also provide interested house purchasers with information about the project’s specifics, including the Carpet Area, Floor Area Ratio, and the number of housing units.
- The developer is required to deposit 70% of the client’s payment into an escrow account. This money is reserved only for the dream house and will not be utilised for any other endeavours.
- Another important element is that only the carpet area of the property must be paid for by buyers; the developer is no longer allowed to charge for the super-built-up area.
- The developer is required to deposit 70% of the client’s payment into an escrow account. This money is reserved only for the dream house and will not be utilised for any other endeavours.
- Another important element is that only the carpet area of the property must be paid for by buyers; the developer is no longer allowed to charge for the super-built-up area.
- With the ability to complain in writing to the developer for up to a year after taking possession of the property in compliance with the after-sales services, this Act improves the buyer’s position.
Impact of RERA on Buyers:
- If there is any discrepancy between the builder’s promises and the actual property delivered, the buyer has the option of terminating the project and receiving the whole amount paid, plus interest.
- If a structural flaw in the building is discovered within five years of the structure’s occupancy, the builder will make any necessary repairs within a maximum of 30 days, free of charge.
- If the builder does not finish the project by the deadline, the buyer has the right to cancel the project and receive a full refund in the event of a delay in possession.
- In the property, if there is a title defect, the buyer may seek reimbursement from the builder. The idea of a title flaw is not constrained by limits.
Which projects are eligible for RERA?
- Plotted developments, as well as commercial and residential developments, are eligible for RERA approval.
- The minimum project size for RERA registration is 500 square metres (8 units).
- Consider a project that is only for renovation, repair, or redevelopment and does not involve the redistribution, marketing, promoting, selling, or new distribution of any apartments, plots, or buildings in the real estate project. It won’t be qualified to become a RERA-approved project in that situation.
- Every stage will be handled as a distinct real estate project that needs to be registered anew.
RERA is the buyer’s Superman in the real estate sector. To verify the integrity of their investment, buyers no longer need to sift through countless municipal records. The framework for a level playing field is laid down by the groundbreaking Act. Fair commerce between buyers and sellers is ensured through RERA-approved projects.
Canny’s forest edge is RERA certified. You can find RERA approved flats in Hyderabad at Canny’s forest edge. Your experience here will be like living at home which feels like having a vacation close to nature.
If you are looking for 2BHK RERA approved flats in Hyderabad, then check out our project Forest Edge. With easy connectivity to the city, with healthcare and educational institutions close by, Canny’s forest edge has helped you gain an altogether new experience.
The project has top-notch amenities such as a meditation and yoga hall, a fully equipped gym, a children’s park, indoor games, and a provision for supermarkets. Your life here will be convenient and full of bliss.
We also provide a 100% power backup for all apartments. Our flats are well-ventilated and also Vaastu compliant.
For more detailed information and our brochure, contact us at +91 9833662222 or +91 9833992222
