Underlining the fundamental understanding of RERA is a critical step for every buyer. So what does RERA mean in a literal sense? Real Estate Regulation Authority or better referred to as RERA was instituted in March 2016 through an act. The Regulatory body will ensure any transactions are transparent and rights are preserved. The RERA act will provide the required rights for all the parties involved: the developers, homebuyers, real estate brokers, and all stakeholders.
This is what encompasses the function of the RERA but the major benefit that is represented by the RERA act is the interest of the homebuyers. One cautionary measure every buyer of the real estate sector should undertake is to choose a project registered under the RERA. Under this act, not only the rights of the homebuyers are reserved but the builders are held accountable. Timely deliveries, transparency, and many others are to be protected and reflected in every project. .
With the introduction of the RERA, the authority underlined many features to protect the buyers. First of the many includes the builders putting away a standard of 70% of the buyers' and investors' money in a dedicated account. This money will be disbursed to the builders to use for any construction and land-related expenses. Now all transactions and dealing are to be more under the eyes of the authority as developers are to all related documents of any projects they undertake. There are also some major upgrades that solely focus on all homebuyers.
Utmost Transparency and Divine Assistance to Any Queries:
All the developers are now mandated to resolve any queries by the buyers and customers within a span of 5 years of the property purchase. Any complaint by any home buyer is now to be dealt with within a given 30 days. Now investors in the real estate industry have the upper hand as all projects now have to be registered first before doing marketing. For instance, a regulator is instructed not to sell, construct, invest, advertise, or book land before registering. Only after completing the project registration and obtaining a RERA number can a project start its process of advertisement. Post RERA number the real estate developers are to market their project in accordance with carpet area and not SBA. In any case, If a project is delayed, home buyers are leveraged to get back the money they have invested, or they can choose to receive monthly investment.
RERA as a governing authority protecting the rights of homebuyers:
The RERA as a regulatory body was instituted in most states with the objective of monitoring, adjudicating, and arbitrating any hurdles related to residential projects. As directed by the RERA act the builders and developers are to highlight all the details of their respective projects on RERA’s official website. Generating more transparency they are mandated to update information timely on the website. Before the RERA act came into force most promoters used to move funds from one property to another now under this act. This is now impossible for any developers as 70% of the amount collected from the buyers is to be deposited in another bank account. Also as an extension of the RERA act, no developers can ask for more than 10% of the project cost from the home buyer as an advance or application fee. RERA functions as a body to put a check and balance on the project timeline and completion. If any project is found to be delayed from the completion date then the builders are compelled to pay the home buyers interest of 2% over SBI’s MCLR for the period of delay. Another major change and benefit for homebuyers are that any buyer has the right to know any details required of the project and seek compensation if the property is found to have any defects.
Assetz Marq 3.0
A project bedecked with an assortment of unmatched features and modern amenities. The project Assetz Marq 3.0 is spread over a land patch of 22 acres and is integrated with 25+ amenities. Here at the residential enclave life is at its purest nature as the project comes with an exclusive 38,000 sq. ft. clubhouse and features modern time engineering of 75% floor plan efficiency.
A better life is not far away from reality. Have a world you desire all to yourself. The 22 acres township comes with clouds of green land space and walkways to make it always refreshing and joyful. The meticulously crafted architectural design of the Assetz Marq 3 brings homes a plethora of landscaped walkways, podiums, boulevards, a diagonal, and a plaza. The lush green podiums that surround the development showcase the rays of hope in the project