You have heard a lot about RERA.
Today, I am going to introduce with RERA. From 1st May, 2017, the first real estate regulation act has been implemented. Now, new rule and regulation is implemented in real estate sector. Each state and union territory will have its own regulatory authority which will define its own rule and regulation. Haryana government has also announced its own real estate act called HRERA (Haryana Real Estate Regulation act). It will help home buyers looking for an apartment in Gurgaon and Faridabad.
These real estate rule and regulation help to protect home seekers from frauds. It also imposes penalties on culprit builders and developers. RERA also effect the under construction affordable housing project like Preena laxmi and GLS 51. These projects are nearby possession. Real estate regulation act seeks to improve real estate estate sector.
The complete projects are also have to fulfill some rules and regulation of RERA. Rera will beneficiary for all parties including Buyers, Developer agents. The affordable housing projects may be affacted from RERA. Know about these projects here.
Benefits of Rera to Developers are as follows:
Rear help real estate developer to increase their effieciency.
Rera will incourage devlopers to imlememnt common and best industry practices in construction. That will increase construction quality in reale estate.
Benefits of Real estate regulation act to Buyers are as follows:
Rera will assure Timely Delivery of housing and commercial projects.
It will provide protection to the buyers from real estate frauds.
Real estate regulation act helps to assure possession.
It will provide balanced documentation and treatment to home buyers.
Now buyers are king in real estate sector.
Benefits of RERA to Construction Industry are as follows:
Rera will bring transparency to the real estate industry.
It will make project delivery robust.
Rera enhance confidence of buyers and investors in real estate industry.
It also leads to attract higher investment in real estate sector.
Let me know what do you think Rera? Is It helpful for Real estate ?
Share your views with me.