In 2016, lawmakers passed the Real Estate Regulatory Authority (RERA) Act to improve consumers’ access to information during the home-buying and building processes. When it comes to issues like project delays, property pricing, project quality, etc., the new RERA Act provides a clear and open mechanism for resolving them in a way that prioritises the needs of prospective homeowners.
Here are a few of the Act’s benefits that you should be aware of if you’re planning to purchase new flats for sale in Tirupati.
1. Stipulation for advance payment
Inspecting the building’s RERA status is a must if you’re
It is standard procedure for builders to require a deposit from customers before beginning construction. However, under the new RERA rules, builders cannot collect more than 10% of total construction costs as an advance or application fee from the buyer. As a result, the buyer doesn’t have to worry about coming up with a large sum of money all at once.
If you don’t have enough money on hand to pay the developers an advance, you can always get a home loan to ease your financial burdens.
looking to invest in a new construction. If you stick to projects that have been given the green light by RERA, you can relax regarding the project’s completion date and the day you take possession of the finished product. The RERA website is a one-stop shop for any and all data pertaining to a project. In addition, you will be assured that the necessary permits and licences, such as those from the city, water department, and power company, have been obtained for the construction of the project.
2. Standard carpet area
Prior to the RERA Act, builders often used varying methods to determine a project’s total carpet area. As a result, the price per square foot of homes has been all over the place.
RERA now defines carpet area as the net usable floor area of a flat, which includes the area covered by internal partition walls but not the area covered by services shafts, external walls, a private balcony, or a private open terrace. As a result of this uniformity, builders will have to make it clear how much-carpeted space their units actually have.
3. Quick grievance redressal
According to the RERA Act, if a buyer has a problem with the building’s construction or the unit itself, he or she can file a grievance with the Appellate Tribunal.
After the Tribunal receives the Grievance case files, it will hold a hearing within 60 days. If the Tribunal is not able to settle the disputes, it must provide reasons for its inability to do so.
4. Right to property information
The right to property information is one of the most valuable aspects of the RERA act for prospective homeowners.
As a buyer, it is your responsibility to know everything there is to know about the home you intend to buy.
Homebuyers can benefit greatly from this kind of knowledge when making future choices.
The Developer or Builder may disclose any and all information related to the Project, along with the Plan Layout. Project development, strategy for carrying it out, the current state of completion, etc.
5. Timely completion of the project
The new RERA Act of 2016 requires all builders to give buyers a specific date by which they must be in possession of their apartments.
And the developer will face a slew of penalties if they don’t finish the project by that date.
When a developer fails to meet a promised delivery date, the buyer can exercise the following recourses:
To terminate participation in the project and receive a full refund, plus interest.
As a result of continuing work on the project, they are entitled to payment in addition to interest.
6. Full refund in case of false promises
Any discrepancies between the builder’s promises and the completed project give rise to legal recourse for the purchaser.
When a buyer decides to back out of a deal, they are entitled to a complete refund of any payments made up to that point, plus interest and any other compensation they may have been owed.
Conclusion
The number of fraud cases and other misconduct committed by builders has decreased dramatically since RERA was passed, which is great news for homebuyers.
If you want to buy a house without any hiccups, make sure the development has been registered with the Real Estate Regulatory Authority (RERA). Surakshaa Builders’ Kausthubham are luxury apartments in Tirupati that comply with RERA regulations. To book your apartment, please get in touch with us right away.