RERA promises quality project execution, save home buyers from financial seepage and mental agony

By Arvind Hali, MD & CEO, ART Affordable Housing Finance

Union Government introduced RERA, Real Estate (Regulation and Development) Act 2016 on 26th March 2016 and all its provisions came into effect, from May 1, 2017, in order to benefit the end users and rationalizing costs and resources. While RERA has many long-term benefits for real estate as a sector, it is immensely beneficial for the aspiring homeowners, helping in rationalizing cost, decreasing chances of delay in possession and also giving them a clear idea about how their hard money is getting deployed. Here is the list of benefits the home-buyers will enjoy with RERA.

Homebuyers need not worry over the delay in possession causing monetary losses: 

Home-buyers have suffered project delivery delay in last decade, in few cases, the delays have been substantial causing the home-buyers mental agony and financial distress. The reasons behind the delay could be builder’s own personal gains or land title issues. Often the dispute on land-ownership led to a delay in construction and delivery. In absence of any rules, home-owners were left in a lurch in-case of no possession for years unable to make the builder answerable for the issue.

Under the RERA guidelines, the new projects require having a clear land title on which the real-estate project is supposed to be developed. It requires a written affidavit to be provided by the promoter that the legal title to the land on which the development is proposed, has legally valid documents.





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