The introduction of the Real Estate Regulatory Authority (RERA) Act in 2016 has reformed the housing market across the whole country. Property buyers who were earlier concerned about investing in real estate can now do so without any worries. And the developers who used to exist in the market solely due to their fraudulent activities and by duping their customers have now been wiped off, or they have been forced to change their tactics. The primary objective of this act is to prioritise the interests of the buyers and to protect them from illegal and unethical practices. Buying flats in Kharghar, Nerul, Panvel, etc. is now a safe proposition. So let’s have a look at the main benefits of the RERA Act for property buyers.
1. Right to Information helps to make informed decisions
According to the provisions of the RERA Act, the developer is bound to share each and every detail about the property in Navi Mumbai that a prospective buyer is interested in. Details such as the layout, completion stages, the plan of execution, etc need to be provided to the buyer. This right to information helps buyers make well-informed decisions.
2. Standardization of Carpet Area
Before RERA, each developer calculated the carpet area according to their own formula, which created a lot of confusion and created an opportunity for unethical developers to overprice their property as the price of a property depends upon its carpet area. But now RERA has brought standardization for this calculation. Every developer must calculate the carpet area of flats in Navi Mumbai and elsewhere according to the definition of carpet area laid out by RERA. Introducing standardization was one of the biggest aims of RERA and it has been successful in doing that with the calculation of the carpet area.
3. Accountability for construction defects
Property buyers won’t have to shell out money from their own pockets to fix structural damage to their building if the construction defect is identified within 5 years from the possession date. The fault needs to be fixed by the builder within 30 days from the day on which the fault was identified.
4. Quick resolution of grievances
The days of waiting for months and years to resolve disputes and settle grievances are now gone. If you have any grievance with your property, you can approach the Appellate Tribunal and your case would be addressed within 60 days.
5. Penalties for project delays
The RERA Act makes it mandatory for builders to give a proper delivery date on which they would give possession of the apartment to the buyers. In case you don’t get possession on the specified date, the builder is liable to pay a penalty.
6. Best builders in Navi Mumbai have come to the fore
Arguably the greatest benefit of the RERA Act is that genuine builders in Navi Mumbai, such as Siddhivinayak Homes, have taken the lead in the property market. Developers like them followed the practices recommended by the Act even before it was designed. Buyers have identified such builders and have placed their complete trust in them.
Also, Read – The advantages of buying a house during monsoon
The RERA Act is like a boon for property buyers. You can now buy your dream bungalow, 2 BHK, or 1 BHK in Navi Mumbai and elsewhere with peace of mind. So start scouting for quality properties in Navi Mumbai, such as Siddhivinayak Riddhima, and book your property at the earliest.
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