Why you should know more about RERA?
As a potential investor or even someone moving into the real estate market, you need to familiarize yourself with all the laws governing this sector. A few years back, the Government of India introduced a new law, RERA, regarding this sector. Whether it is the Aagman affordable Flats or the premium housing complex that is being sold, both have has to follow the new RERA guidelines planned by the central government. These guidelines and legislation are designed to improve transparency and accountability in the industry. So, if you are buying a house and looking for a residential apartment in IMT Faridabad, you must know some specific parts of this law that are applied in your favor.
1). The developer must provide all the details about the project: This action requires proponents to disclose all necessary facts and figures regarding the projects involved, including project plan and site layout, land ownership status, government approval, number of homes for sale, contractor names, completion schedule, payment schedule, etc. Apart from all these, other important information to be provided by the developer is proper carpet area, regular progress report, etc. If a developer uses one of the sections or subsections in this work, they can face a fine or even jail time.
2). Dedicated regulatory body: One of the clear directions of the Real Estate Regulatory Authority Act is that there should be specialized courts in every state as well as in the Union Territory of India. The main task of these tribunals is to check the details of the project and also the potential of the builder before the investor invests his hard-earned money in buying a flat. Additionally, if a dispute arises, it must be resolved within 60 days of the date of the complaint. All houses like commercial developers have to register with RERA and upload complete project details on the RERA website for all investors to see.
3). Guarantee of providing legal title: In the past, unscrupulous developers often sold their projects at multiple discounts before obtaining all the necessary permits from the authorities. As many investors do not do their due diligence to see if all approvals have been obtained such as the legal sanctity of the projects, they are deceived as such projects are easily affected by rising prices. future, last-minute changes of plans, and delays. To protect investors’ interests, RERA mandates that the promoter must declare the legal title to the project land so that investors can prove it.
4). Timely delivery of the property: The new RERA Act mandates that the properties must be handed over to the investor within the period specified in the contract. If for some reason they can’t and if the investor wants, they get all the money with interest.