One of the most important pillars of RERA or The Real Estate (Regulation and Development) Act is the promotion of transparency and the establishment of a chain of accountability in the real estate industry and this legislation is not a knee jerk reaction but it is a solution to a plethora of complaints from home buyers who were often left stranded after the advancements made by them to purchase units across real estate projects in the nation.
The Argument Behind RERA: Meant as a Solution To Buyer’s Problems
In the past, the buyer purchasing property from a real estate developer was like a very basic business transaction or purchasing an item from a store. If such situations happened, the buyers did not have any option, If they perceived a scam or received an unworthy item. Due to this scenario, the real estate industry never had the required regulation and any persons who suffered damages went through anguish and treaded the path of seeking remedies through consumer or civil courts.
The Impact of RERA on Real Estate Transactions
The introduction of the RERA Act was something that most Buyers and allottees were looking forward to as it would relieve them of a lot of issues. Builders will no longer find it easy to shirk their obligations. Once the agreement between the buyer and the builder is executed and the booking amount is paid into the promoters’ bank account, the promoters are controlled by RERA. This is called an agreement for sale and is designed to protect the Indian buyer, as now, the buyers will be treated as an allottee and in case of disputes, they are free to approach the RERA court. Such legal and regulatory provision is also welcomed and hailed as a pleasant development by the central government because, since 2016, it has been making the process of real estate transactions easier.
Key Stakeholders and Their Responsibilities
The real estate sector is made up of the promoters, allottees, and agents as the primary stakeholders. RERA has made sure that each of these parties benefits the culture of the industry in its own way. This Act requires the promoters to register each of their projects with the RERA and publish the specifics of every project in the public domain equally broadening the image of the industry. After the agreement is sealed, both the promoters and the allotees remain accountable.
Ensuring Buyer Protection and Accountability
The buyers have also been protected as RERA has taken measures to ensure the promoters do not mislead them. A project in its entirety can now be said to fall under the periscope of RERA and help in yielding protection to the investors. There is no room for the misuse of the money collected on behalf of the allottees and punitive actions are in place for promoters for any misconducts. On the other hand, when the accountability is due with the allottee, the Act takes care of this situation as well. Therefore, RERA has greatly surrounded the worries of the property buyers, generating the confidence back between the stakeholders.
Rights of Allottees Under RERA
As far as the right of allottees are concerned, it is fair to say that they can be kept up to date about the work of their assigned project, and are to make their payment only when construction reaches a reasonable level of completion including payments that are due. They have the right to make appeals against any grievances with respect to the construction or the project in the RERA court based in Gurugram. This has been a paradigm shift because there was a lot of faith deficit as it was widely believed that the builders had an agenda to gouge the customers.
Trust, the Changed Context, and the Changed Real Estate Picture Going Forward
The opinion of the real estate market has bettered, raised and drastically increased within the past five years. Outstanding promoters like Dream Location were even applauded by the state government for the impressive record of timely project completion and beneficial satisfaction responses from allottees. According to buyers of Dream Location flats, the main reasons for the popularity of the flats and floor projects are their reasonable price and proximity to such important points of the Gurgaon market as Dwarka Expressway and Sohna-Alwar Highway.
The Contribution of Haryana-RERA Towards Improving The Availability Of Trust In The Market
Agan has teh pehkar, over six hundred registered real estate projects and two thousand agents are recorded with the Haryana-RERA and its offices in Gurugram. Haryana-RERA has received more than 25000 complaints from the allottees of the applications over a period of Five years, about half of these have been disposed of through the court. The court is reported to entertain around 80 -90 cases a day and resolve around 15 -20 which has been helpful in regaining the real estate business. Buyers nowadays feel safe and secure in making the transactions.
Recommended Steps for Potential Buyers of Real Estates
Even with the wonders that RERA has brought, potential buyers of property should be careful still before making the decision to book a unit. It must not be forgotten that there is always a need to verify the market standing or credibility of the promoter or the developer, and rush to book an ever-including booking through an unregistered agent. Flats and floors of Dream Location because of the authentic and well known market stature of the Company are safe and reliable investments.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.