Benefits of RERA for the homebuyers!
The Real Estate (Regulation and Development) Act, 2016 commonly recognised as RERA has been employed to protect the interest of homebuyers and promote investment in the real estate sector. It got implemented in Maharashtra on the 1st May 2017. Getting a warm welcome from the real estate developers across the state the new rules are benefiting the customers and getting the real estate sector to work more effectively. Let us see exactly how the homebuyers are going to benefit from RERA.
1. Registration is compulsory: Compulsion of each developer for registering their ongoing and upcoming real estate projects with RERA becomes beneficial for the homebuyers. It removes any sort of confusion for the buyer about the registration status at RERA. One is assured that each home gets delivered and meets the said standards set by RERA.
2. Register before advertising: It has become obligatory for the developers/promoters to complete their project’s registration process with RERA before its advertising or marketing begins. It ensures for the homebuyer that the claims made in the advertisement are not misleading.
3. Get genuine information: Introduction of RERA ensures that only truthful information is passed on to the homebuyers. If a developer/promoter registered under RERA misguides homebuyers regarding their project he or she needs to pay a penalty.
4. Structural defects covered: If the homebuyer brings into notice any structural defects in the construction within five years from the date of possession it needs to be rectified free of cost by the developer/promoter. It assures homebuyers about the quality of construction offered to them.