Having a house of our own is a big dream for everybody. In the days of our grandparents, everyone used to have individual houses. Apartment culture was later introduced to us. Nowadays due to the busy schedule of people, houses were being constructed under the complete observation of the builder. In our grandparent’s days, they used to be at the construction site and would observe the quality and quantity of the material that is being used in construction. But nowadays we can present at the construction site every day to observe everything. We ought to trust builders. But, many builders are taking advantage of this situation and using it in their favor by charging false charges for things like taking a high amount of advance, showing wrong measurements of carpet area, delaying the construction, or changing the plan so that he could get profit etcetera. In this way, there are many chances of a builder to cheat the buyer.
In 2016, the government passed an act-RERA, which is a check for the cheatings of builders.
What is RERA?
RERA stands for Real Estate Regulation Authority. The act contains total 10 chapters which were divided into 92 sections. Every state and union territory has its RERA. All real estate agents should register in RERA.
The main aim of RERA is to bring transparency in construction and marketing in the real estate business.
When a real estate business person wants to construct a building or apartment on a site or wants to develop a property, he needs to first register in that RERA presented in their state. Within 30 days, he/she will get to know whether their registration was successful or rejected. If it was successful then the respective real estate business person will be provided with a registration number, login ID, a password to access their website. Once they login to their website, he/she need to fill their details in it. The registration number the real estate business person gets is the same number that he/she should be used in all of their projects. All of those who want to construct within 500 sq. mt or within the number of 8 apartments should apply to RERA.
It is advisable to buy a RERA-approved apartment or property. RERA has certain points that are very helpful for buyers.
Benefits of buying RERA approved properties:
- Carpet area: before the introduction of RERA to the construction field, the carpet area used to be calculated differently in different areas. This was the area where the builder tried to gain as much profit as he can. Carpet area is usually calculated as carpet area time’s rate per sq. mt. builders used to try to include as much carpet area as they can to get more money. But, RERA created a certain list about which shouldn’t be and should be included as a carpet area. By this, the buyer can easily calculate the carpet area.
- Defaulted rate of interest: In RERA it was told that both parties’ interest rates would be the same.
- Reduces bankruptcy: in earlier days, the builder used to take a loan for one project and used to use that amount in another project. But, now the RERA has introduced a condition according to which builder should use the respective amount only to the respective project.
- No chance of delay in handing over the house/project: if the builder delays in handing over the project then the buyer can withdraw from the project and he will get full payment back. And if the buyer wants to continue with the project then he would get a penalty for the delay. With this clause of RERA, one would complete his project within the time, which is beneficial for the buyer.
- Advance payment: RERA mentioned not more than 10% of the total cost be taken by the builder from the buyer.
- Quality of material: RERA mentioned that any damage to the house within 5 years of handing over the project should be repaired free of cost by the builder within 30 days. This indirectly tells builders to use qualitative materials for construction.
- No chance of mismatch of plans: in RERA-approved properties if any mismatch of plans happens or if any damage or defective piece is found, then the buyer can withdraw from the project or get compensated.
These points of RERA can promise us a qualitative house within the promised time. So people should consider RERA-approved projects to buy a house for themselves. Maxworth Realty India Ltd is such a company that can give its customer a perfect house with all qualitative work. Maxworth Realty India reviews tell the same. Maxworth Realty Reviews is an experienced company in the construction field which can build a house/ apartment as per your preference. For further details consult Maxworth Realty India reviews. Their contact number and details are on their website.