RERA Bringing a New Era of the Real Estate Trade in India6th June, 2019 410
There are so many decision that we have been making our lives an there are certain decisions that are related to buying the Residential or Commercial real estate and that decision is known to be the trickiest one. It is so difficult to invest such a hefty amount on something and we cannot make our mind on our own that is why we need to contact the property dealers and real estate agents to make this decision easier for us. They have been making these decisions much of profits for us because their guidance is meant to get us the benefits we need. Ever since the year 2014 when we had our elections and the government swapped many things changed for better. So was the rules and regulations followed by real estate trade.
What is RERA?
This is the Real Estate Regulation and Development ACT which was passed in 2016 by the Indian Parliament to keep a strict check on the real estate trade and regulate its norms. This was the act that was passed by the Union Ministry of Housing and Urban Poverty Alleviation. The concerned department gave a deadline till 1st May 2017 to make sure that the rules and regulations of the act are being followed correctly all over the country by everyone who is involved in this trade and this kind of business. This RERA act has empowered all the states and unions to have their own set of rules that are going to be known as regulators and they need to be followed. RERA seeks to address issues like delays, price, quality of construction, title and other changes. These are the issues which are very commonly faced by the buyers these days and the delays in Immediate or Distress Resale real estate projects have caused a lot of inconvenience too many people over all these years.
How will RERA help the buyers?
Every act and amendment that is passed is for the greater good of the general public of this nation. As we want to have a fair trade in our country and we never want people to suffer loss with their investment. Therefore the government has decided to undertake the responsibility of implementation of the regulation of this act.
1. It empowers the allottees to have a power to get aware about all the changes, alterations and any minor additions that are involved in this Lease or other trade.
2. Before adding any other information to the contracts or regulations the consent of 2/3rd of the allottees would be required so that they do not feel cheated and betrayed by the system. This is the very best that government could do.
3. Another valuable benefit is the fact that consent of 2/3rd allottees for transferring majority rights to 3rd party is definitely required.
4. They are also leveraged with an increase in the quality of construction due to a defect liability period of five years.
5. The best part about this act is the fact that it provides a unified legal regime for the purchase of flats; apartments, etc.