Buying a home is a one-time experience for many of us and any irregularities from the builder/developer can make it a stressful one. We’ve all heard about homebuying horror stories – endless project delays, unrealistic promises, poor quality construction, legal blunders, well, the list goes on. All this uncertainty for a homebuyer was because of the lack of a regulatory authority, an UMPIRE of sorts. But not anymore!
The Govt. of India has introduced the much-needed Real Estate (Regulation and Development) Act, 2016 (RERA), effective May 1 this year, to help make homebuying a happy experience instead of a stressful one. Yay homebuyers J
Each state will be setting up a RERA unit which will be responsible for registering and regulating real estate projects and agents. Homebuyers will also have the convenience of visiting a state RERA website and check for themselves if a project they are interested in is registered with RERA or not. So, no more worrying about unauthorized projects.
Here Are Top 6 Things That Homebuyers Will Love:
Action on Project Delays
Promising homebuyers a date for possessing their dream home and keeping them waiting is as bad as it gets. It’s the biggest problem area homebuyers are facing today. So, what changes with RERA?
Compensation to homebuyers. If a builder/promoter fails to give possession of the property within the agreed time, they are liable to pay monthly interest until the property is duly handed over. Or in case the builder/promoter decides to return the total amount, they shall do so with an added interest component as mentioned in the sale agreement.
Quality of Construction
Another gripe for homebuyers is the quality of construction. RERA stipulates 5 years’ quality assurance since the time of possession on all projects. In case of any defects in workmanship, quality, or structural issues, as per the sale agreement, homebuyers can bring it to the notice of the builder/promoter within a period of 5 years and the same shall be rectified at no extra charges within 30 days. More power to the homebuyer.
Registered Projects with Clear Documents
Any project measuring more than 500 square meters or more than eight apartments must be registered with RERA. It is also mandatory for developers/builders to publish all information about the project such as the project plan, government approvals, land title status, completion schedule, layout, and more.
What You See is What You Get
Home buyers will pay only for the carpet area (area within the walls), not for the ambiguous super built-up area.
Stay Informed Without Surprises
Home buyers will have the right to know about the project plan in detail and at each stage of completion. The developer/builder cannot make any changes to the plan that had been agreed upon as per the agreement without the written consent of the buyer.
Finally, Someone You Can Reach Out to In Case of Complaints
Homebuyers won’t have to feel helpless anymore. Each state will have a ‘Grievance Addressal Forum’ which can be approached for registering complaints against erring developers/builders.
So, if you’re looking out for a place to call home, the time couldn’t have been better! With RERA in place as your guiding angel, all we want to say is HAPPY HOMEBUYING.
