Buying a home is a great deal for everyone. It is a premium investment, and the customer must think beyond the project rate. Additionally, the developers had the discretion to craft the builder-buyer agreement as they were supposed to fit. This practice led to a lot of malpractice which affected the buyer and did little to defend his interests while making a sizeable investment like buying a house. As such, the Government of India took the issue into its own hands to stop these things and offer a sense of relief to the house buyer by presenting the RERA Act. But what is it, and what are its advantages? Let's find out.
RERA means Real Estate Regulations Act. As is clear from its name, it is an Act meant to formalize or normalize specific regulations related to the real estate sector. The Government of India launched the RERA in the year 2016 to safeguard the interests of house buyers. Launching the RERA was to end real estate developers' unjust and illegal practices in which homebuyers were charged beyond just the project they were purchasing. As such, the Indian Government has laid down specific laws and regulations that builders must follow while creating and selling real estate. The idea was to provide the house buyer with complete transparency regarding the expansion of the property you are investing in and monetary transactions between developers and buyers. Builders are anticipated to follow all the laws and regulations laid down under the Act, failing which customers are given the right to lodge a legal complaint against them. The Act is to be obeyed in every state in India and applies to both housing and commercial properties.
The RERA Act has made it compulsory for developers to ensure total transparency in the details provided to the house buyer. Residence buyers had to face the inconvenience of not obtaining possession of the property at the time pledged by builders. This is not allowed anymore. Builders must complete properties within the period promised. Since the launch of RERA, most malpractices by developers have decreased rapidly. The Act's launch has proven to be a tremendous relief for customers now getting exactly what they pay for. The RERA Act is doing what it planned, i.e., guarding buyers' interests in several ways.
Prestige Park Grove is a new pre-launch housing project in Whitefield. It offers 1,2 & 3 BHK luxury Apartments and 3 & 4 BHK premium Villas. The project is built on 80 acres. The project is waiting for its RERA approval.
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