RERA Act, Brings Cheer to the Home Buyers
For all the homebuyers out there, we have some very interesting news for you. Have you been a victim to the false hopes and promises given by the various real estate projects? Have you always had that fear of investing money in new / upcoming projects? Now you need not worry anymore. RERA – The Real Estate Regulatory Act has come into force from May 1st 217 onwards and this act has all the rules and regulations that favor the homebuyers and gives them more power. Out of all the rules, the best rule is that the buyer is entitled to get an interest of 10% from the developer if there is any delay in the project and if the buyer s still wants to continue with the purchase even after the delay. Earlier when there was delay in the projects the buyer was the sufferer but now after the RERA Act, the developer is at a loss if their project takes up more time than what they promised the buyer.
What will this Act do??
This Act is wholly and solely to empower the homebuyers who were being betrayed by the developers with their fake promises. This act has made it mandatory for all the old and new builders to register their project with the State Real Estate Regulatory Authority and to post all the details and necessary information of the project. The buyer is now given the right to chose if they want to exit from any project after they find defects with the ongoing project or if there is an uninformed delay in getting possession of the house.
All homebuyers who were planning on buying a house can now free there mind from the doubt of getting cheated. With the enforcement of the RERA Act you can be rest assured that you will get a home that is responsibly constructed for you with more transparency.