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The skyrocketing price levels and the rampant malpractices in the real estate market prior to the introduction of the Real Estate (Regulation and Development) Act, 2016 [RERA], had left the buyer community in an abominable mess. However, with the RERA in place, the buyers can now invest in the property market without pondering much about the perils of the same.
Needless to say, the transparency that the Real Estate (Regulation and Development) Act (RERA) has infused in the primary market, has allowed the homebuyers to look forward to a simpler and risk-averse journey, sans variegated pitfalls.
With the modalities of launching and operating projects becoming stricter, the organised players in the market have now started to garner attention, like never before! Here are some of the prime reasons for the augmenting popularity of the RERA approved homes:
Warranty against structural flaws: As per the provisions of RERA, the developer is held liable for a period of five years, in case there is a defect in workmanship, quality, structural defects or any other obligations as mentioned in the agreement of sale. It is mandatorily the duty of the developer to provide for such defects within a span of 30 days from the date of the complaint, without levying any further charges. The applicability of this provision has posed a considerable challenge for the small developers who will now have to clearly state their liabilities in a transparent manner.
The implementation of RERA has helped the buyers to bid goodbye to inordinate project delays and shady constructions. Not only this, the attention has also drastically drifted from the unorganised market towards the reputed builders, owing to the transparency and established governance processes that they claim. The increasingly onerous burden of compliance for the smaller players in the market has left them with no choice but to join hands with the larger developers to help revive their stalled projects. Under the shelters of the Act as mentioned herein, the interest of the buyers is undoubtedly accelerating towards the RERA approved homes and is expected to proliferate further in the quarters to come.