The
application of RERA act has changed many things in real estate bussiness. It
has brought many benefits for the buyers. RERA has made house for sale in Bangalore easy.
This RERA act
was passed on May of 2016 by the Indian Government to facilitate transparency in
the home buying process. This RERA
act was passed to overcome fake scams and to make legit home buying agreements.
What is RERA?
RERA, full form of which is Real Estate Regulatory
Authority, stands for transparency in the real estate industry. It was brought
to action to eradicate the existing discrepancies and problems within the sector.
For which reasons RERA had
introduced in 2016?
1.
RERA aims to reduce project delays
and mis-selling. In order to do so, authorities have made it mandatory for all
builders/developers to carry out RERA registration before they start a project.
2.
RERA has been sub-divided into
smaller regulatory bodies, each of which look after the real estate development
in a single state or union territory in India.
3.
RERA rules are applicable to both
residential and commercial properties.
4.
The standardisation brought about by
RERA aims to protect the interests of buyers and developers alike.
5.
The RERA Act has brought about more
accountability and transparency within the real estate industry, in house for
sale in Bangalore.
RERA brings which kind of
solution?
1.
With the implementation of RERA’s
rules, builders have to disclose every detail of the project they have
undertaken on RERA’s official website. More importantly, they have to update
this information on a regular basis. This assures buyers of transparency
regarding project timelines.
2.
As per RERA rules, you have to pay
for the property on the basis of the carpet area or the area enclosed by walls.
Builders cannot charge you for the super built-up area that includes lifts,
balconies, stairs and lobbies.
3.
Builders have to put 70% of the money
they collect from homebuyers into a separate bank account, which they can only
use for construction purposes.
4.
RERA lays emphasis on timely
completion of projects. Any delay means that the developer has to pay you
interest of 2% over SBI’s MCLR for the period of delay.
5.
After you get a handover, you can
report construction defects for up to 5 years and have the developer rectify
them.
6.
Developers have to resolve disputes
with buyers within 120 days of it being filed.
Our website, Cifiyah is an online marketing website
that allows users to buy, sell and post free ads. It is a classified website having
a very user-friendly OS that allows users to browse between different
categories and select their preferences.
Our website shows you all types of flats
for sale in Bangalore, house
for sale in Bangalore, etc. People searching for flats
for sale near me won't be disappointed as it shows all legit real estate
properties put for sale.
Cifiyah follows all guidelines of RERA. Our website is
scam free and also you don’t have to pay for brokerage or middleman.
