The real estate sector is undergoing the beat service with the implementation of RERA. The RERA act seeks to expand transparency and accountability within the real estate sector. It has the potential to boost overall transparency and accountability to clean up the real estate sector. The implementation of RERA is to revamp the demand in the real estate industry in the upcoming years.
Relief To Home Buyers
The real estate market governed by RERA will protect the customer’s interests on all fronts. Customers can choose the Gated community Plots In Chennai and can move on with increased confidence.Before the implementation of RERA, the risk on account of delays, quality, title, and changes in the project were all done by the customer, and a lot of time it ended negatively. As a result, most customers had to bear the cost of some sort out default. But after implementing RERA, these costs are to be brought by the developer.
Homebuyers are entitled to the information on many plans and other datas. They are to be appraised of the stage-wise schedule of completion of the project, which includes provisions of water, sanitation, electricity, other amenities and the important factor is, buyers can claim a refund of the amount paid along with interest if the promoter is not able to hand over the property as per timelines committed.
Regulatory Authorities are accepted in every stage, which will have the responsibility to register and regulate Residential Projects In Chennai and real estate agents registered under this Act. The approved real estate projects can be viewed publicly on the website, which is available.The promoter is obligated to rectify any structural damage or defects in quality over five years after handing possession.
Promoters should uphold accurate information in their advertisements, communication, and model apartments. In the case of false promises, they will be liable to return the entire investment with interest to the buyer. They have to pay rent or compensation if the project is slowed down.