How will RERA impact the home and property buyers in Raipur?

India will be the biggest rising nation in the world in the next 10 years. People think there is every chance that real estate will be one of the fastest growing sectors in coming years. In Real Estate industry there is new Real Estate (Regulation and Development) Act, 2016 (RERA). 
RERA intends to protect the interests of home buyers and improve transparency in the real estate sector. It is most importantly for buyers, developers/promoters need to register their projects under RERA.
What is the (Real Estate Regulatory Act) RERA?
RERA is real estate Regulation and Development Act, 2016 passed by the Indian Parliament. This Act will protect the interest of property buyers and increase in real estate sectors. This Act came into force from May 1, 2016.

Why RERA?

Home buyers had complained that real estate dealing were uneven and severely in the favor of the real estate builders. This RERA act is purpose to create a more impartial and fair deals between the real estate developers and property buyers, especially in market. RERA will make real estate purchase very easy and simple. RERA will bring better answerability and clearness. This Act will give the real estate industry its first regulator. RERA Act makes it mandatory for each state and union zone, to form its own controller and frame the rules that will govern the working of the regulator.

How will RERA Act impact home buyers?

·       Agreement of 2/3rd allotters about any other change.

·       Notifying allotters about any minor addition or change.

·   No launch or announcement or promotion before registration with RERA.

·       Agreement of 2/3rd allotters for moving majority rights to 3rd party.

·  Sharing data project plan, layout, government approvals, land title status, sub-contractors.

· Improved declaration on the timely achievement of projects and transfer to the consumer.

·    A rise in the quality of construction due to a defect obligation period of five years.

·    Creation of RWA within stated time or 3 months after majority of units have been sold.

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