27 Mar 2024 / Shubhashish Homes

The Impact of RERA on the Real Estate Industry and Homebuyers in Rajasthan

Are you planning to buy a home in Rajasthan? Do you want to know how the Real Estate (Regulation and Development) Act, 2016 (RERA) will impact the real estate industry and homebuyers in the state? In this blog, Shubhashish Homes, a trusted name in the real estate sector in Jaipur, Rajasthan, will explain all you need to know about RERA in Rajasthan and its implications for the industry and homebuyers.

What is RERA?

RERA is a landmark legislation, by the Indian Parliament in 2016 to regulate the real estate sector and promote transparency and accountability in the industry. Also, the act aims to protect the interests of homebuyers, ensure the timely delivery of projects, and eliminate malpractices such as false promises and misleading advertisements by developers.

RERA Rajasthan

Rajasthan was one of the first states to implement RERA, with the Rajasthan Real Estate (Regulation and Development) Rules, 2017, coming into effect on May 1, 2017. In addition, the RERA in Rajasthan aims to create a transparent and efficient real estate sector in the state by ensuring the registration of all real estate projects and agents, providing a grievance redressal mechanism for homebuyers, and imposing penalties on developers for non-compliance with the provisions of the act.

Impact of RERA on the Real Estate Industry

RERA is all about significant changes in the real estate industry, with developers being held accountable for their actions and homebuyers being empowered with information and protection. Here are some of the ways RERA has impacted the real estate industry:

Registration of Projects and Agents:

RERA mandates the registration of all real estate projects and agents with the regulatory authority before advertising, marketing, or selling. Also, this has helped curb the proliferation of unregistered projects and agents, which were a major source of fraud and deception in the past.

Transparency and Disclosure:

RERA requires developers to provide all the relevant information about their projects, including the project plan, layout, approvals, timeline, and cost, on the RERA website. Additionally, this has increased transparency and accountability in the industry and enabled homebuyers to make informed decisions.

Timely Delivery of Projects:

RERA has introduced strict timelines for the completion of projects and imposed penalties on developers for delays in handing over possession to homebuyers. Additionally, this has incentivized developers to complete their projects on time and prevented the long delays and cost overruns that were common in the past.

Standardisation of Agreements:

RERA mandates the use of standard agreements between developers and homebuyers, which ensure that the terms and conditions of the sale are clear and unambiguous. Also, this has eliminated the scope for developers to include unfair and one-sided clauses in the agreements.

Impact of RERA on Homebuyers

RERA has been a game-changer for homebuyers, who were often at the mercy of unscrupulous developers in the past. Here are some of the ways RERA in Rajasthan has impacted homebuyers:

Protection of Interests:

RERA has provided a level playing field for homebuyers and developers, with the former being protected against fraud, misrepresentation, and delay in possession. Also, homebuyers can now seek redress for their grievances through the regulatory authority, which has the power to impose penalties on developers and cancel their registration in cases of non-compliance.

Transparency and Information:

RERA has empowered homebuyers with information and transparency, with developers being required to disclose all relevant information about their projects on the RERA website. Also, this has enabled homebuyers to make informed decisions and avoid falling prey to false promises and misleading advertisements.

Quality of Construction:

RERA mandates the use of high-quality materials and construction techniques and imposes penalties on developers for any defects or deficiencies in the construction. This has ensured that homebuyers receive good quality homes that are safe and durable.

Timely Delivery of Possession:

RERA has introduced strict timelines for the completion of projects and the handover of possession to homebuyers. This has reduced the anxiety and uncertainty faced by homebuyers in the past and ensured that they receive possession of their homes on time.

Shubhashish Homes' Vision for RERA

At Shubhashish Homes, our vision for RERA is aligned with its objective of creating a transparent and efficient real estate sector in Rajasthan. In addition, we believe that RERA has brought about a much-needed change in the industry, and we fully support its implementation and enforcement.

As a responsible and ethical developer, we ensure you deliver quality homes to our customers, not just on time, but we always try to make it happen before the promising time, and RERA has further strengthened our resolve to do so. Also, we have registered all our projects with the regulatory authority, and are fully compliant with all the provisions of the act.

Furthermore, We believe that RERA has raised the bar for the entire industry and that it will benefit both homebuyers and developers in the long run. We welcome the increased transparency and accountability in the sector and are confident that it will lead to the growth and development of a healthy and sustainable real estate industry in Rajasthan.

Conclusion

In conclusion, RERA is a landmark legislation that has transformed the real estate industry in Rajasthan. It has brought about transparency, accountability, and protection for homebuyers and incentivized developers to deliver quality projects on time. At Shubhashish Homes, we fully support RERA and are promises to deliver quality homes to our customers that meet the highest standards of construction and ethics.

If you are looking to buy a home in Rajasthan, we encourage you to choose a developer who is registered with RERA and fully compliant with its provisions. This will ensure that you get a home that is safe, transparent, and delivered on time.

So, don't wait any longer, visit Shubhashish Homes to explore our range of projects that are RERA-compliant with its provisions. Also, our team of experts will be happy to assist you in finding your dream home that meets your preferences.