Union Budget for the FY 2022-23 is just around the corner. The real estate developers are expecting some relief from the government, in the hope, that some support from the centre might revive the market which was on a downfall due to the pandemic.
The Real Estate Regulation and Development Act (RERA) was laid forward in 2016 and officially came into force on 1st May 2017. Before this act, there was nothing concrete that could have secured the buyer’s investment. With the arrival of the RERA Act, the Indian real estate market saw a paradigm shift and changed the way people invested.
What is RERA Act?
According to RERA Act, it is mandatory for every property in India residential property to be registered under RERA Act in their respective state. It is obligatory for the developers to update about their old and upcoming projects on the website, so that, the interested buyer can be assured about the authenticity of the project. Also, read – The Best Time to Invest in Indian Real Estate.
RERA’s Impact On The Real Estate
- All real estate developers are to be registered with the real estate regulatory authority at state levels.
- Developers and brokers in the unorganized sector must have authorized licenses to do business.
- It is mandatory to make all the transactions official and public with the designated authority.
- The cost of developers is set to rise.
Benefits That RERA will have on Investments in Real Estate:
- Simplified Procedures
RERA has made it compulsory for every State and UTs to have an online portal where the developers can register themselves. The documentation process is easy and saves a lot of time. Also read – The Year 2022: Profitable Time to Invest in the Indian Real Estate.
- Transparency:
Now, consumers can track the development of the project in real-time from any part of the world. It is mandatory for the developers to provide the project’s layout and documents to the designated authority. Also, read – Nice Tips to Fulfil Your Dream of Buying a Property in Ghaziabad
- Timely Possessions
RERA ensures the safety of the investor’s money. Oftentimes, the project gets delayed for a number of reasons, which delays the possession process, leading to unwanted fear among the investors and buyers. Also, read – 5 Things To Keep In Mind When Purchasing A New Flat.
- Trustworthy
A strong authority like RERA has increased trust among the buyers, as now they know that their money is safe and during the time of crisis, the authority will handle it following the proper channels and processes.
- Grievance Redressal
With RERA consumers now have an official designated government authority to address their grievances and complaints. This will allow the officials to address each complaint personally so that the matter could be solved at the earliest, and provide maximum relief to the public. Also read – 10 Real Estate Terms You Must Know Before Investing.