In a bid to boost investments in the real estate sector and protect home buyers, the Real Estate (Regulation and Development) Act, 2016 was passed in the Parliament, which has led to the formation of the Real Estate Regulatory Authority (RERA). Under this, all real estate projects in each state and union territory will be monitored by the respective governing authorities.
Here are some most important benefits of RERA act that can be useful:
1. Simplified Procedures:
RERA will make it mandatory for every state and union territory to have online registrations. With documentation processes made easy, consumers will benefit and save time.
With the RERA website going live, consumers can track the developments of the projects from any nook and corner of the world. All plan layouts and documents will be uploaded on the site, giving them no reason to worry about their investments.
3. Timely Possessions:
The biggest worry customers face while investing in real estate properties in India is their fear of delayed possessions. RERA will ensure that they will not have to face any possession-related problems.
A strong and authoritative implementation of RERA will build a strong trustworthy relationship between consumers and the developers, hereby encouraging more investments.
5. Grievance Redressal:
With RERA coming into effect, consumers will have an official authority to address their grievances and complaints pertaining to their real estate investments. This will enable them to act promptly and take better decisions.