The Real Estate Regulation and Development Act (RERA) that has been recently implemented in India is being recognized for its power to transform the real estate industry in terms of quality, efficiency and transparency. It also holds the promise of revolutionizing the sector and helping revive the economy.
Here are some of the ways RERA will have a direct impact on the realty sector.
1. Real estate projects will be completed on time: Until now, a delay in the completion of real estate projects was almost the norm. However, with RERA, builders are required to complete projects on time. In the case of an unavoidable delay, customers must be adequately compensated.
2. Builders will be held more accountable: Builders are now required to be completely transparent in terms of where the customers’ money is being used and about the finer details regarding construction.
3. Customer grievances will be given priority: Customer grievances will be redressed promptly and in a more efficient manner.
4. A minimum standard of quality will be ensured: RERA calls for a minimum standard to be met when it comes to the quality of construction. There will be no compromises on quality and safety.
5. All real estate projects will be registered under RERA: Every real estate project must be registered under the RERA of the respective state, thereby making it more authentic, reliable and trustworthy.
As a result of RERA, buying and owning property in India has become a much simpler and more reliable process.