RERA is empowering everyone to own a home
It is the perfect time to be a homeowner. The housing industry which had been plagued by mistrust between developers and buyers will see a major reform. RERA or the Real Estate Regulatory Act will bring a much needed transparency to the industry. The industry is being regulated to protect the interests of customers. So if you aspiring to buy a home, the worries that held you back will now disappear.
Buyers will not pay extra charges for any cause
Before RERA, the homebuyer was the one taking all the risks. The financial burden of delays, quality, title, and changes, they were all to borne by the customer. However, RERA makes developer responsible. If the project is incomplete or possession isn’t given within the agreed timed-period, the developer has to actually return the total amount with interest at such rate as mentioned in the agreement to sale. Buying a home is now free of all unnecessary risks.
A transparent channel of information for customers
RERA also makes it important for developers to keep the buyers informed. The regulations will help home buyers make better and well-versed decisions. Developers will have to publish on their websites information relating to profile and track record of promoters, details of litigations, advertisement and prospectus issued about the project. Before the buyer gets involved in the process they can gather all the information about the project. Details of apartments, plots and garages, development plan, status of approvals and projects are also among the things that the developers are obligated to tell the customer.
Lack of funding will no longer be an excuse in delay of completion
Several times developers delay the completion of the project because they start investing the funds in other places. And the customer has to suffer because the developer sheds his responsibility. Now the developers will have to deposit 70% of the amount collected within three months of applying for registration of a project. In fact, it has to be deposited in a separate bank account to eliminate possibilities of misuse. All of this ensures that customers get timely delivery of what they invest in.
Every Indian will own a home with affordable housing
RERA is ultimately aiming to improve the living conditions in the country. The Housing for All initiative announced by the government is about providing affordable homes. Under the Pradhan Mantri Awas Yojana this scheme is going to give every Indian family a home of their own. RERA is trying to create more trust between customers and developers but some developers have already won the trust of their customers. Sushma Group, which has won the title of Asia’s most trusted brand, is the leading developer in Punjab. They have already launched affordable homes across Punjab. Their project Joynest MOH 1 has 2 BHK and affordable 3 BHK apartments that are line with the Housing for All initiative.