Since a long time, it is found that the Real Estate is not unorganised and does not fall under any regulatory to make it organised. So after the implementation of the RARA Bill one can find that this bill has brought an organisation in the Real Estate in order to benefit customers when purchasing their Dream Home.
Advantages of RERA Act
1.Registration made Mandatory: – Any builder who is building a project on the land which is in an area larger than 500sq.meter or more than eight apartments needs to get registered with the regulatory authority. If they fail to get the permission by the regulatory authority in case they found any flaw in the builder’s end, the builders will be penalised with the 10% cost of the whole project.
2.Housing Price – In order to bring more investment in the Real Estate field, the pricing of the houses are stabilised. Now every person can own a house at reasonable prices. No more extra money will be paid and the house has to be priced at best price to make it affordable to all.
3.Timely Delivery – After this is passed and implemented promoters cannot delay the delivery timing. The builders need to maintain the time of delivery as promised by them at the time of registration. They have to finish the project on time and handover it to the customers.
4.Carpet Area: – Now onward Carpet area will include kitchen and toilet space as well before the bill was passed promoters use to attract the customers with the built up area which includes the open area also. So now carpet area should include everything and made clear to the customer.
RERA act has brought more transparency to the Real Estate field and is very beneficial for the customers. All the criteria which fall under this Act are made in order to make the customer gain more benefits.