RERA is for Homebuyers | Risinia Builders

1. RERA is for Homebuyers Purchasing a real estate property used to be fraught with complications or threats. If a property was left unattended, it was almost certain to be illegally occupied, or unauthorised property sales were common. All of these unfair and illegal practises came to an end with the implementation of RERA. RERA has brought discipline to the real estate sector, and we can now confidently state that malpractices by anyone are no longer possible in the presence of RERA. It provides additional benefits to home buyers in addition to protecting their property rights. To enjoy the path of discipline and avoid the pain of regret, one should always choose RERA registered projects. RERA remains for homebuyers. 1. What exactly is RERA? RERA, or the 'Real Estate Regulatory Authority,' was established by the RERA Act, which was introduced in 2016 by the Government of India to protect the real estate sector, but it went into effect on May 1, 2017. The purpose of this act is to maintain transparency and efficiency in the buying and selling of real estate, to protect homebuyers' interests, and to promote the real estate sector. Essentially, it is intended to bring discipline to the real estate sector. RERA has established a website that houses the records of registered projects in order to fulfil its responsibilities. 2. The Benefits of RERA-Approved Projects RERA has provided homebuyers with a sense of relief. RERA-approved projects must adhere to a few rules and regulations that benefit homebuyers while also promoting the sector. RERA benefits everyone while eliminating illegal and unfair practises. Here are a few of the advantages that RERA provides to homebuyers. 2.1. Builders must register their projects Builders must register their projects with RERA before beginning project promotion, according to RERA Guidelines. Builders are required to include their RERA registration numbers in their projects. They must obtain all necessary permissions and upload all project details to the official website.

2. 2.2. Transparency in All Transactions Builders are required to be transparent in all of their dealings with homebuyers. They are required to inform homebuyers about all aspects of their project, whether major or minor. The amenities and specifications that a builder promises for his project must be reflected in the finished structure. He has no authority to alter the plan without the written consent of the homebuyers. 2.3. Contractors should only bill for carpet space The surplus area of the project cannot be charged for according to RERA. The carpet area must be charged for, not the built-up or extremely built-up area. The space enclosed by external walls, which includes amenities like the elevator, stairs, lobby, balcony, and other such shared areas, shouldn't be assessed to homebuyers. 2.4. No Properties With Poor Construction RERA has introduced a clause stating that a building must be free of any form of structural flaw, for a minimum period of 5 years after a buyer receives possession of the property, in order to protect homebuyers from badly constructed buildings or from any loose ends in construction. If a mistake is discovered during the aforementioned time frame, the builder has 30 days from notification to repair the problems without charging the homebuyer. 2.5. Project Delays Must Be Payed Previously, homebuyers experienced significant inconvenience when possession of the property was delayed. However, in the RERA era, this is not permitted. Builders are required to complete their projects and hand over possession on time. Timetables must be followed. If the handover is delayed, the builders must pay an interest rate of 2% above the lending rate offered by the country's largest nationalised bank, the State Bank of India. Builders may also face legal consequences. 2.6. Builders Should Maintain an Escrow Account Builders are not permitted to use project funds for other projects. To avoid this act, builders must place 70% of the money received from homebuyers in a separate escrow account. They can only withdraw it during the construction stage, and it must be approved by chartered accountants and engineers. Builders are also prohibited from charging more than 10% of the property's cost as an advance before drafting a sale agreement.

3. 2.7. RERA Steps in to Save the Day If a homebuyer has a complaint about their builder, they can file it with RERA. RERA has the authority to resolve all complaints. Homebuyers can also file an appeal with the Appellate Tribunal, which will resolve the case within 60 days. If it fails to do so or is delayed in doing so, it will explain why. RERA comes to the aid of homebuyers. 3. RERA and RISINIA If a homebuyer has a complaint about their builder, they can file it with RERA. RERA has the authority to resolve all complaints. Homebuyers can also file an appeal with the Appellate Tribunal, which will resolve the case within 60 days. If it fails to do so or is delayed in doing so, it will explain why. RERA comes to the aid of homebuyers. 4. RERA is intended for homebuyers Everyone wants their own home, and it is usually a high-value life investment. When choosing a home for his family, one must exercise caution. Homebuyers should not be taken advantage of. They are advised to choose RERA-registered projects to avoid future problems. RERA-registered projects are the most trusted, and RERA protects consumers' interests. Purchasing a project that has not been registered with RERA is illegal. True, RERA is intended for homebuyers. Learn more — https://www.risinia.com/blog.html Contact us risiniabuilders@gmail.com info@risinia.com Ph no - 9100888803/04/05 Address R/O Sree Hanuma's Pagadala Pride, Block-A, 1st Floor, Opp. Bharat Petroleum, Gandimaisamma Road, Bachupally, Hyderabad - 500 090. Our recent ongoing Edge project - Apartments For Sale In Pragathi Nagar