Updated | April 26, 2017 11:01 IST
RERA, Real Estate Regulatory Act, will benefit the home buyers big time and it makes everything clear between developers and home buyers. The RERA will be effective in May and it diminishes the risk factor and suffer to the homebuyers in the process of home-buying. Here are the five ways revealed by experts, “How RERA helpful for home buyers?”
To govern both residential and commercial real estate transactions, the Real Estate Regulation Act institutes the State authority and confers authority on the Real estate regulator, which shall improve the governance hold on real estate sector diminishing disputes to a great extent. The state Real estate regulatory authority become the government body and can be addressed to it for solutions if any grievances, problems, issues are there.
Nearly 70% of funds depositing in a dedicated account will not only ensure sufficient funds for the projects but also speed up the work process and the projects get completed on time. Through this step of RERA, the projects will complete on time, which is a big relief for the homebuyers. No need to worry whether the project will complete on time and worry about their money if they pre-deposited it in on any project like the house, apartment or building.|
It is another advantage for the homebuyers as it brings clarity in between homebuyers and developers in deals, which excludes ambivalence between them. It brings the clarity in deals and transactions that homebuyer no need to suffer later for the lack of clarity.
Subsequent to the above, Whatever the transparency between homebuyers and developers apparently benefits the homebuyers in any of their new buy and no need for them for any unnecessary stress or confusion about their money as well as the completion of the project on time. It relieves stress to a great extent for the homebuyers.
The fifth and final one, as RERA, not only brings in transparency between homebuyers and developers but also to the entire real estate sector. With this, it attracts more FDIs into real estate sector and improves the feasibility of financing options, which apparently increases the investments. It makes the system more efficient and homebuyer friendly. Based on all these considerations, experts say homebuyer is the ultimate beneficiary after imposing the RERA.
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