Demonetisation knocked on Indian economy’s door in the year 2016, and the aftermath turned out to be rather catastrophic; at least it did for the Indian real estate industry. Post demonetisation, the realty industry in India was a scene straight out of the movie, Titanic, reflecting the shot when the infamous ship sank to its demise. Then came the Tsunami of GST, and the property market, more or less, started to take its last breaths on the death bed made of cracked concrete. Colossal unsold inventories and lack of demand, were the bitter outcomes of this economic change. The Indian Realty after 2016 was embittering, and the industry needed a messiah.
The Real Estate Regulation Act (RERA) 2016, came into being since May 1, 2017. The provision of this act meant that there was still hope for the real estate industry in India, and as the time whizzed away, the transformation showed. Mentioned below are a few ways in which the Indian Realty Industry has found a saving grace in RERA. Check them out!
1. Lowered Risk
The Indian real estate market used to be a lake of uncertainty in the past, with almost no assurance about the quality, delivery and affordability of the property. These factors were hindering the customers to invest in all kinds of projects, whether residential or commercial. After the introduction of RERA, the government introduced a mechanism to put a check on the developer/builder and funds, ensuring the same to be utilised for the particular project only. Thanks to RERA, now you can sleep at night in your new apartment, without fretting about the roof caving in.
2. Complete Transparency
Unless you’re the richest person on the face of the planet, and wouldn’t care less about the whereabouts of the house that you just bought in a beautiful, quaint locality; buying an apartment is a big deal to everybody.
What truly matters is that it is important for the home buyer to know everything about the project he invests his hard-earned money in. Very dashingly, RERA swept into the picture and made sure that every project, whether residential or commercial, must be registered under it. All the data about the development, comprising, financial statements, copy of legal title deed and other documents must be submitted to the concerned authority.
Moreover, for the customer’s knowledge, every development is mentioned on the RERA website, with its completion/construction status, number and types of apartments in the establishment, and some more. Every state has its own RERA website. If you have a property bought in one of the Indian states, go ahead and check out the status of yours!
3. Quality of Construction
Post RERA act 2016 introduction into the system, it was finalised that any defect or damage in the property after its possession, must be repaired by the promoter of the establishment; at least till the next 5 years. This was decided to make sure that whatever ingredient that goes into the making of the property is of the most supreme quality.
It’s time that you bring out the party poppers, because your home sweet home is not only breath-taking, but also made out of the best quality ingredients.
4. Timely Delivery
So here’s the deal with delayed deliveries; the Indian real estate industry has had a tight-knit history with it, something that had stained the market with a bad reputation. Intervention on RERA’s behalf made sure that the developer will have to give back the total sum with interest at the rate as declared in the agreement during sale.
However, if the customer doesn’t want to withdraw from the transaction, then the developer would have to pay a penalty fee every month of delay, till the project is finally handed over.
5. Booking Amount
The developer is not allowed to take more than 10 percent of the total amount of the property. Further payment will only happen after both the parties come into a registered agreement.
6. Sale on the Basis of Area
The promotion/sale of the residential project/apartment will compulsorily happen on the basis of carpet area. The builder is not allowed to promote his project on the basis of super, or built-up area.
How Does RG Residency Come Into the Picture?
RG Residency is a reflection of RERA’s ideologies. This residential complex in Sector 120, Noida is an initiative of RG Group, a real estate company that operates of the sole belief of transparency. With no hidden costs in the transaction process, RG Group has made sure that more than 1300 families achieve a lifestyle of luxury, comfort and unforgettable happiness. RG Residency is offering spacious and beautiful 3 BHK apartments, starting at ₹65.70 lakhs only! Get the key to your dream home in RG Residency within the next 24 hours. Call now, or lose your chance!