The implementation of RERA (Real Estate Regulatory Authority) has brought in a positive vibe among homebuyers for sure. The sales have begun to witness an upward trend as it has instilled confidence and trust among homebuyers. Here’s all you need to know about RERA -
RERA makes it mandatory for all real estate projects where the land is over 500 square metres or 8 apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, to provide transparency in project marketing and execution. In addition, the developer will have to submit the essential documents and information such as project plan, layout, government approvals, land title status, subcontractors to the project and schedule for completion to the RERA.
RERA registration number
RERA registration number must be mentioned in every communication, be it the project’s website, Google and Facebook Ads, print ads, hoardings, mailers or SMS.
RERA has made it mandatory for the developers to mention the carpet area in every communication. Henceforth, prices of homes will be calculated on the carpet area and NOT on the built-up area.
Delayed delivery is one of the major problems faced by most of the homebuyers. In many cases, diversion of funds has been seen as the main cause for delayed deliveries. RERA has now made it mandatory for builders to deposit 70% of the project funds in Escrow accounts. The withdrawals from the account will be according to the extent of the work completed after it is certified by an engineer, an architect and a chartered accountant and will be subject to an audit every six-month.
In case of delayed deliveries, the customer will now be entitled to a compensation equal to the EMI the buyer is paying to the bank.
Once the property is sold, the developer can’t make any changes to the plan without the written consent of the buyer.
Home buyers will get a warranty of up to 5 years on their purchases. If there’s any deficiency in the project, the buyer can contact the developer in writing and demand after-sales service.
RERA can be approached for redressal of grievances against any builder. Developers who violate the order of the tribunal will be imprisoned for a term of up to 3 years, with or without fine.
With RERA to safeguard your real estate decisions, your buying decisions have just got a cushion.
At Amura, our marketing & sales processes are all RERA-compliant, so you can rest assured you’re in safe hands. Amura takes pride in its 7+ years of experience in real estate and data-driven marketing.
Explore how Amura can help you plan your business goals for different projects, Contact Us to know more!