Investment in property is not as risky as it was earlier now RERA India has implemented RERA estate regulation act. The home buyer is now far safer as they can get the property on time as committed by the builder. Implementation of RERA has brought the great transparency within the realtor services. This act was, implemented in May 2016 and because of RERA builders need to give the timely possession of the projects to the buyers.
This is how RERA impacted on Home buyers:
As the act is in favor of buyers the impacts are positive for them.
Buyers will get the project in hand on committed time:
As per the law, of builders have to deliver the project with in the committed time delay in the project will lead to penalty and suppose builder is not able to give the possession the builders will have to pay 2 percent more than sbi interest rate and even it can lead to three years imprisonment for builders.
Builders will have to take the blame of faults:
According to RERA builders have to take responsibility of construction for 5 years but there is no clear mention that what will be the criteria according to which you can ask or blame builder with in the 5 years’ time. RERA also mention that it is compulsory for the promoter to correct the structural defects brought to the notice of a promoter within a period of five years starting from the date when the possession is handed over.
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