Why Should Your Dream Home Be RERA Approved?
RERA which is the short form of the Real Estate Regulatory Authority is an act passed by the Government of India to protect homeowners and boost investments in the real estate industry. This act protects homeowners’ interests and ensures transparency in the buying and selling process of property. This act also helps to reduce chances of fraud while increasing the confidence among investors.
It is essential to have your home be RERA approved for these following reasons:
- 1) Access To In-Depth Information: This act ensures that the investors can find detailed information of the property, various projects, developers and agencies involved in the process with the real estate regulatory authorities. This helps them access all information on a public domain for reference.
- 2) Fair Compensation For Project Delays: In case of delays in any project due to any circumstances and prevents the real estate agencies from actively delaying projects. The act imposes strict penalties on developers who fail to meet deadlines while also providing access to the homebuyers to claim possession of the property along with other amenities offered.
- 3) Easy Grievance Redressal Process: This act is also a boon for homeowners who have been perturbed due to long-due cases and inept grievance redressal since it mandates to settle all cases within a 60-day period. This helps homeowners to have confidence in the law and maintain faith in real-estate investments.