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Impact of RERA on homebuyers

Impact of RERA on Homebuyers | Pharande Spaces

The Real Estate Regulatory Act (RERA), arguably the biggest reform in the real estate sector, is a game changer for both buyers and developers. The act is transforming the look of real estate industry by bringing more regulation in the market.

RERA passed by the parliament seeks to protect the interests of home buyers and boost investment in the real estate sector. RERA aims to create a fair mode of transaction between the sellers and buyers of properties.

RERA protects the buyers from unethical trade practices. The act makes it obligatory for each state to form its regulator and frame rules for the regulator to function. With such positive reforms in the picture, the formation of RERA is a boon for the home buyers.

RERA protects the buyers from unethical trade practices. The act makes it obligatory for each state to form its regulator and frame rules for the regulator to function. With such positive reforms in the picture, the formation of RERA is a boon for the home buyers.

  • RERA act is binding to register before the launch for all commercial and residential projects which are above 500 sq. metres.
  • To stop the developers from making investments from booking amounts, they have to now park 70% of their funds in one dedicated bank account through cheques.
  • Prices must be quoted by the developers based on carpet area and not the super-built up area
  • The home buyer can call the developer anytime within one year after taking possession for after- sales services, damage repairs or compensation for any inadequacies.
  • Any developer found violating the order of appellate tribunal of RERA could face a jail term of up to three years and a fine
  • The developers must also keep a clean record and the right credentials to continue their business practices.

The implementation of RERA is surely bringing in positive changes to both the industry and home buyers. With the passage of time, a significant boost in sales and foreign developments will occur.

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