Things You Should Know About RERA
RERA is the acronym for Real Estate Regulation And Development Act that is aimed at protecting homebuyer rights inside the development community. Each state in the country should notify its own rules based on the guidelines in the act. Here, we share a few important things that you should know about RERA which can be helpful while buying new apartments in Cochin or any other city in the state. Read ahead to know more about buying RERA registered apartments.
Important Things To Know About RERA
- If the developer of a construction project makes any changes to it, the buyer should be informed about the same in advance. If there are some major changes, at least two-thirds of the project allottees should give prior written consent before the developer can bring about the changes.
- All construction projects should be registered with RERA even before the promotion of the project is started.
- As a project buyer, you will have many important details at your disposal, like layouts, plans, land title status, approval from government bodies, and details about various subcontractors of the project.
- As a buyer, you can set timelines for finishing the project. Promoters and developers of a project can make use of promotional material to advertise their project and as a buyer, you can believe that the features they advertise are part of the project. The advertising campaigns of the developer should contain comprehensive and clear details of the project.
- Project developers should stick to the timelines committed for the completion and delivery of a project.
- Promoters of a construction project should provide regular updates to RERA on the progress of the project. Buyers will have access to the latest updates on the RERA portal.
- Standardized agreements can be signed between all the parties involved in the project to balance put the responsibilities of the parties.
- Buying decisions can be made quickly and the processes can be more transparent. Besides, with RERA in place, home buyers can have a peaceful mind.
- With a regulatory body in place, both developers and buyers will have more accountability, which can make the real estate sector more organized.
- RERA can help handle disputes regarding a real estate project and both developers and home buyers will have a governing body to look up to.
- Lenders can be more confident while approving building projects and the cash flow of building developers with much smoother than before.