Are the users taking benefit of RERA?

Q: How is RERA impacting the real estate users?

Akash Kanojia, Delhi

16th August 2018

Legal in Mayur Vihar Phase 1 Extension, Delhi

rera

benefits of rera

impact of rera into real estate

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Replies (5)

Major Benefits of the RERA Act for Buyers Right to Information About the Property. This is one main advantage of the RERA act in favor of the home buyer.

Shival Chaudhary,

1st June 2020

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Right to Information About the Property. This is one main advantage of the RERA act in favor of the home buyer.

Shival Chaudhary,

27th May 2020

Comment

The main aim of RERA is to ensure that whatever a builder promises, the same is delivered. The developer is obliged to give the purchaser all information on the proposed apartment and if there is anything that the purchaser sees is not been honoured, that can be raised with the regulatory authority for redressal.

Shival Chaudhary,

10th May 2020

Comment

Apart from that, It has been made mandatory for any developer launching residential property over 500 square meters or eight apartments to register the project with RERA and upload all the details pertaining to the said project on the RERA website before any initiation for sale is made.

Yash Panth, Ghaziabad

24th August 2018

Comment

I agreed with Richa and Yash. There are a few more benefits which I would like to mention here. These are - This Act also requires the developers to deposit 70 percent of the total amount received from the buyers in a separate bank account earmarked for each project.
To provide strength to this, Appellate Tribunals will be set up in each state to adjudicate and deal with real estate disputes.

Neel Sharma, Gurgaon

24th August 2018

Hi Akash,
RERA impact on home buyers- 1) Informing allottees about any minor addition or alteration, 2) Consent of two 3rd allottees about any other addition or alteration, 3) No launch or advertisement before registration with RERA, 4) Consent of two 3rd allottees for transferring majority rights to 3rd party, 5) Sharing information project plan, layout, government approvals, land title status, sub-contractors, 6) Increased assertion on the timely completion of projects and delivery to the buyer, 7) An increase in the quality of construction due to a defect liability period of five years, 8) Formation of RWA within specified time or 3 months after majority of units have been sold.

Richa, Delhi

24th August 2018

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