To own your own home is every individual’s dream. However, this market until recently was not regulated well. There were no standard norms and every builder had their own practices that usually went in favour of the developer. In the interests of the home buyers and in order to regularise this process and industry, the government introduced the RERA act. RERA is the Real Estate Regulations Act that was introduced in 2016 with the aim of providing relief to home buyers from unscrupulous builders with the objective to safeguard the interests of the buyers and promote transparency, efficiency, and accountability in the real estate sector. It is in your advantage to invest in a RERA approved project as the RERA act is in favour of the home buyer. This act gives you the right to information about your property and the builder is legally bound to share all the details of the project such as layout, completion stages, etc. Another advantage of investing in a RERA approved project is that RERA has standardised the calculation of carpet area unlike earlier where individual builders had their own calculations. This means that builders now have to clarify how much carpet area they are offering in their project, which will determine the price of the residential unit. Also, under the RERA act, the builder is responsible for any defect in the construction for five years from the date of possession and any repairs conducted will have to be carried out by the builder within a specified time period. Builders will no longer be able to delay projects as the RERA act specifies that they have to give a delivery date for possession of the residential units. Noncompliance with this delivery date will result in penalties for the builder. Another advantage of this act is that grievances about the construction or any other issues with your property will be addressed through a legal forum, which will ensure you get timely help.
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