Why is RERA beneficial for Indian Real Estate Sector and its customers
RERA was the talk of town when it was introduced in 2016. It brought along with it a lot of documentation, processes and procedures to be followed by developers. It was welcomed as a plan but it had a lot of hurdles to be crossed. Today, when we look back at 2016, it seems like a naturally progressive move for both homebuyers and developers.
Why do we say so?
RERA has brought the homebuyers and builders/developers community on one page of trust and reliability. The hesitation that had crept in, into the minds of people due to malpractices happening around had created a massive rift and gap between customers and makers. RERA has over years acted as bridge of trust.
Customers are happily investing with confidence in ongoing projects yet again.
Let’s have a look at what has enabled this trust and bridging of the rift
1. Buyers pay only for the exact of what they possess and get
Carpet Area: Area between the walls of the home
Built Up Area: Thickness of the walls, balcony, exclusive corridor, stairway, etc.
Super Built up area: common area facilities.
Under the RERA act, builders cannot charge for anything more than the Carpet Area.
2. What happens when the builder defaults the date of possession or customer defaults the payment?
The rate of interest in case of default for both parties is equal now compared to earlier.
There are specific regulatory bodies established who overlook this and if any one of the parties has grievances, it is resolved in up to 120 days.
3. Focus on quality of construction
Buying a home is a once in lifetime affair. After careful observation of types of issues homebuyers face, RERA came up with a regulation that assures buyers of the quality they are investing into.
It is the homemaker’s responsibility that there is no defect in the property up and until 5 years of buyers gaining possession of the property. If any defect arises, the builder has to get it fixed within 30 days.
3. 100% transparency
According to RERA, the builders are mandated to give exact and unexaggerated information to the buyers about the property through a brochure or pamphlet. Also regular updates and pictures of the under construction project need to be uploaded time and again on the website. Progress has to be informed about to the regulatory bodies and customers both.
Furthermore, RERA ensures project delays are heavily penalized; project income is not used into another project and many other such important functional aspects.
This has enabled in smooth working of the Real Estate sector and also brought back a lot of the trust of customers in their real estate investment once again.
We at BramhaCorp, have always kept our customers interests as priority and adhered to all the guidelines pre and post RERA both. We take your investment in us seriously and always commit to give full value for it.
How do we follow the guidelines?
- All our projects are RERA registered.
- We update pictures of our on-going projects every month on our website.
- We send regular email communication and newsletters to all our investing customers.
- We conduct regular audits of all our ongoing and completed projects for quality check and maintenance.
Know more about our on-going projects: THE COLLECTION, Business Park, Boulevard Towers, BramhaCorp Townhouse, BramhaCorp Smart.