Buying a home is a dream for many and a huge investment indeed. Many people invest their lifelong savings to build their dream house.
Earlier every developer or builder used their own norms and practices that left the buyers with limited power. To protect the rights and avoid exploitation from the real estate builder, the Government of India introduced the RERA Act.
RERA stands for Real Estate Regulatory Authority act. The act was passed by the Rajya Sabha of the Indian government on 10th March 2016. It safeguards the buyers against the malpractices used by the builders and developers.
Through this act, the Indian government empowers the homebuyers, homebuyers can complain about the cheating, or delay on the purchased property on part of real estate developers. Under the purview of this act, various grievances are addressed related to owning a property. This act demands more accountability and transparency from the real estate builders which in turn gives a boost to real estate investment.
In fact, Mohali is the hotbed of real estate investments because it has the most approved projects by the RERA.
Let us see, how the RERA act benefits the buyers-
Not getting possession of a house or apartment!
Any delay on part of the developer will be penalized. Builders defaulting on the delivery date will have to pay a 2 percent interest rate above the SBI lending rate to the buyers or face the possibility of imprisonment of up to 3 years.
Know your carpet area-
Under the RERA act, builders or developers can only charge the homebuyers for the carpet area— which means the builder can only charge for the actual usable area you use in a home excluding the lobby, elevator, stairs, etc. If you bought a 1300 square feet area, you get the carpet area between 900-1000 square feet.
Defect in the building-
A big concern is how safe the building is and the quality of construction. For up to 5 years from the date, the homebuyer got possession of the house, any defect in the structure of the building is to be rectified by the builder within 30 days without any further change. Plus, for any change in structure or the design of the project, the builder is required to take consent from two-thirds of home buyers before undertaking any changes.
Approvals-
Earlier, many builders used to sell units in the projects without having all the clearances. Under the purview of the RERA Act, the builders are required to register themselves with the regulator, mandated to disclose the details related to the project. Only, then they are able to attain all the approvals or clearances from the various departments. Without the mandated clearances, they cannot sell a single unit in a project.
No more False Promises-
Developers used to make huge promises without any intention to deliver them. It was used as a marketing gimmick. However, under RERA, each advertisement by the builder will carry a RERA registration number. This prohibits the developers from making any false advertisements.
Complaint and Grievances-
Under RERA, every state will have regulatory bodies and appellate tribunals to address the grievances of the homebuyers. They can expect a resolution of the dispute within 120 days.
Even if a builder is RERA approved. You can check out the credibility and reputation of the builder in this ways.
Interested in buying a house!
Vision India Projects are all RERA approved by the authorities. You don’t have to worry about any malpractices. Vision India, the most reliable RERA approved Real Estate Builder, has successfully delivered 10 projects and Nirwana heights is the 11th project they’re building with the latest amenities, Skywalk at the height of 145 feet for a luxurious experience. Vision India offers villas, 2bhk, 3bhk, 4bk, villas, and duplexes in Mohali. They also have exquisite commercial properties in Kharar and Mohali. With vision India, you get honest commitments and offers. Simple words, you get what you see.