At Shubhashish Homes, we believe that an informed homebuyer is an empowered homebuyer. In today’s dynamic real estate market, it’s crucial for potential homeowners to be aware of their rights and obligations to ensure a smooth and secure property transaction. One of the significant developments in the real estate industry in recent years is the introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA). Also, with the aim of protecting the interests of homebuyers and promoting transparency in the sector, RERA has established a robust framework that governs real estate transactions in India. In this blog post, we will unveil the top 10 RERA rules that every homebuyer should know, providing valuable insights to navigate the real estate landscape with confidence.
Registration of Projects:
RERA mandates that all real estate projects with more than eight units or exceeding 500 square meters of land must be registered with the respective state’s Real Estate Regulatory Authority. This rule ensures that developers provide accurate project details and adhere to the regulatory guidelines.
Carpet Area Disclosure:
As a homebuyer, you have the right to know the actual carpet area of the property you are purchasing. RERA makes it mandatory for developers to disclose the carpet area, which is the net usable area within the walls of the apartment. Furthermore, this ensures transparency and prevents misleading advertisements.
Escrow Account:
Speaking of the RERA rules, it requires developers to maintain a separate escrow account for each project. Buyers’ payments for the property are deposited into this account and can only be used for the construction and development of that specific project. Also, this rule prevents fund diversion and safeguards the interests of homebuyers.
Timely Completion and Delivery:
RERA emphasizes the timely completion and delivery of projects. Developers need to provide an estimate for the project completion timeline at the time of registration. And, any delay beyond this timeline must be compensated with appropriate interest. However, this rule protects homebuyers from unnecessary delays and ensures accountability on the part of developers.
Structural Defects Liability:
Under RERA, developers are responsible for any structural defects. And, this in the property for a period of five years from the date of possession. If any such defects are discovered, the developer is obligated to rectify them at no additional cost to the homebuyer. This provision safeguards homebuyers against faulty construction and promotes quality assurance.
Clear Title and Documentation:
RERA mandates developers to provide accurate and verified project documents, including the title deed, layout plans, approvals, and commencement certificates. Additionally, this ensures that homebuyers can verify the authenticity of the project and protects them from fraudulent practices.
Grievance Redressal Mechanism:
Furthermore, RERA establishes a dedicated authority, the Real Estate Regulatory Authority, to address grievances and disputes between homebuyers and developers. This mechanism provides a streamlined process for resolution and quickens the redressal of grievances, promoting transparency and fairness.
Transparency in Advertisement:
Developers must adhere to stringent guidelines regarding the accuracy and transparency of project advertisements. Any discrepancies between the promised amenities, specifications, and actual deliverables can lead to penalties. Also, this rule protects homebuyers from misleading advertisements and ensures that they make informed decisions.
Compulsory Consent:
RERA mandates developers to obtain the written consent of at least two-thirds of the allottees before making any changes to the project plans, specifications, or amenities. Also, this provision prevents developers from unilaterally altering project features and safeguards the interests of homebuyers.
Right to Information:
Furthermore, homebuyers have the right to obtain comprehensive information about the project, including layout plans, sanctioned plans, cost break-up, and completion schedule. Also, RERA ensures that developers provide this information to homebuyers, empowering them to make well-informed decisions.
Conclusion:
In conclusion, by familiarizing yourself with these top 10 RERA rules, you can navigate the real estate landscape with confidence, ensuring a secure and transparent home-buying experience. At Shubhashish Homes, we ensure to uphold the principles of RERA and provide our customers with the highest standards of quality and transparency. Additionally, as a leading realty brand in Jaipur, we believe that informed homebuyers make the best choices. So, empower yourself with knowledge, protect your interests, and embark on a journey towards your dream home.
