To buy luxury apartments in Mohali, you need to know the basic and important information about the RERA Act that safeguards the interests of homebuyers and real estate developers.

When the Real Estate Regulatory Authority (RERA) Act was introduced in the year 2016, many home buyers breathed a sigh of relief as they were skeptical about many aspects of home buying. Now that this act is in place, there is no room for real estate builders to commit any mistakes. This act also is also helpful in favoring the best real estate developers in India to gain the trust of homebuyers. Although the main goal of the RERA act is to protect the interest of home buyers as well as bring about standardization in the real estate sector, it also now safeguards the interests of builders.

With stringent purchasing, acquisition, and prediction laws to favor home buyers over fraudulent real estate developers, the post-RERA Act real estate market is witnessing substantial transformations. Apart from home buyers, RERA favours real estate builders that are legitimate by providing an edge over other builders by winning the trust of their customers.

RERA Act made real estate developers register the property to increase their responsibility and accountability to buyers. This is necessary.  Carrying this further, now the builders have received a valid RERA registration number. Before RERA registration, builders are not allowed to market, advertise or sell their project units.

Let’s dive and see how the act favours both homebuyers and builders.

RERA for homebuyers

• Customer grievances will be addressed and solved quickly within 60 days because customer satisfaction is the prime part of real estate success.
• No-fault in construction goes unnoticed and unresolved. Builders will be held responsible for the same and are required to provide proper repairing within 30 days.
• Homebuyer has the right to information about the property for details such as plan layout, plan of execution, completion stages, the status of the competition, etc.
• Only RERA Standardized carpet area is valid. No builder can use his own formula to calculate the carpet area of a property.
• Each builder is required to give a delivery date of possession to its customers or they have to face penalties. This prevents them from delaying the projects

RERA for real estate developers

• According to RERA, a builder now has the right to approach the regulator in case there is an issue with the buyer.
• As per RERA, consumers are required to make the payments on time to the real estate developer as per the agreement. Hence, no delay in payments.
• Registered developers have many advantages, including RERA certification as a certificate of honor.
• The Act restored transparency and formed an organized market that will allow the genuine players to reach out to their target audience, market their product and create an impact.
• RERA makes it compulsory for the consumers to take possession of the unit within two months of issuance of the occupancy certificate; this will help decrease the number of unoccupied properties.
• Extension of project registration and relaxation in penalty norms is applied.
• The RERA Act also penalizes the buyer for delayed installments.

Conclusion

This write-up discussed the transformation in the functioning of the real estate market citing how the RERA Act has brought a significant difference in the journey of homebuyers and real estate builders. If you are looking for luxury apartments in Mohali, you need to check with Beverly Golf Avenue, a lavish residential hub of 3 BHK apartments in Mohali and 4 BHK apartments in Mohali.