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Major Benefits of The RERA Act for Home Buyers

January 15, 2020 by theiconthane  

When the Real Estate Regulatory Authority (RERA) Act was introduced in the year 2016, many house buyers who were speculative of investing in New Residential Projects in Thane, heaved a sigh of relief. Now that this act is in place, there is no space for real estate builders make any mistakes or dupe the customers. This act also helps best real estate developers in India to gain the trust of house buyers. The main objective of the RERA act is to safeguard the interest of house buyers as well as bring about standardization in the real estate sector. The introduction of the act has also led to the creation of a mechanism wherein issues such as project delays, quality of the projects, pricing of the property, etc can be dealt with transparency. The RERA act aims to promote transparency, accountability, and efficiency in the real estate sector.

Here We Share The Major Benefits of The RERA Act for House Buyers:

Standardized Carpet Area: Every builder had his own formula to calculate the carpet area of a property. But RERA has a standardized version of how to calculate the carpet area. RERA defines the carpet area as,‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’. With this definition, the builders require to clarify how much carpet area they are offering as the price of a New Property in Thane West is dependent on the carpet area.

Builders Will Be Held Responsible for Any Defect/Fault in The Construction: Under the RERA act if there is any defect or fault in the construction of your apartment, then the repairing has to be done by the real estate developer and builders. This is for the structural defect in the property for up to 5 years from the date of possession. The repairing has to be done within 30 days once the fault is detected.

Grievances Will Be Addressed and Solved Quickly: In case you are dissatisfied with the construction or if there is any other issue with your commercial property or New Residential Projects in Thane, then you can approach the Appellate Tribunal. This tribunal will address your case within 60 days.

Right to Information About the Property: This is one main advantage of the RERA act in favor of the house buyer. This information can help you on multiple fronts. The developer is entitled to share all the details regarding the project such as plan layout, plan of execution, completion stages, the status of competition, etc.

Builders Won’t Be Able to Delay the Projects: Under the RERA act, every real estate developer and builders require to give a delivery date for the handover of the possession of the apartments. If the builder is not able to complete the project until the delivery date, then they will have to face penalties. Real estate investment in Thane as seen a rise after the introduction of the RERA act. Many new properties in Thane are now being built which are all RERA registered.