The Real Estate (Regulation and Development) Act, commonly known as RERA, was enacted in 2016 to regulate the real estate sector and promote transparency and accountability. RERA approved projects offer numerous benefits to homebuyers, ensuring a secure and reliable investment.
- Transparency and Accountability: One of the primary benefits of RERA approved projects is the enhanced transparency and accountability. Developers are required to register their projects with RERA, providing detailed information about the project’s status, timelines, and financial health. This reduces the chances of fraud and ensures that buyers are well-informed.
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Timely Delivery: RERA mandates that developers adhere to the promised timelines for project completion. If there are delays, buyers are entitled to compensation. This regulation helps mitigate the common issue of delayed possession, providing buyers with peace of mind.
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Quality Assurance: RERA approved projects come with a guarantee of quality. Developers must adhere to specific standards and rectify any structural defects within five years of possession. This assurance protects buyers from substandard construction and ensures long-term durability.
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Financial Discipline: Developers of RERA approved projects are required to deposit 70% of the project funds in a separate bank account. This ensures that the funds are used solely for the construction of the project, reducing the risk of fund diversion and financial mismanagement.
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Grievance Redressal: RERA provides a robust mechanism for grievance redressal. Buyers can file complaints against developers for non-compliance, and disputes are resolved in a timely manner. This legal backing offers buyers a sense of security and recourse in case of any issues.
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Enhanced Trust: Overall, RERA approved projects foster greater trust between buyers and developers. The stringent regulations and oversight promote ethical practices, making the real estate market more reliable and attractive for buyers.
In conclusion, investing in a
RERA approved project ensures transparency, timely delivery, quality assurance, financial discipline, effective grievance redressal, and enhanced trust, making it a wise and secure choice for homebuyers.
