Five years after the enactment of the Real Estate Regulation Act (RERA), the much-needed law has not only developed but became the best possible version of itself. RERA, Real Estate Regulatory Authority, was introduced to bring about lucidity in the real estate sector. The main objective of the RERA Act was regulating the real estate sector and providing a formal structure for real estate buyers by addressing their concerns, queries and grievances. The act aims to minimise project delays and disintermediation as it helps buyers and builders to establish a factor of mutual trust.
The emergence of a grievance redressal system in the real estate sector was long overdue as transparency and accountability are two important factors that needed to be incorporated in the existing home buying landscape. Under this revolutionary law, the new guidelines acted as a roadmap for real estate developers and stakeholders to adhere to standardized norms and introduce the concept of credibility in business-customer relationship.
At present, it is mandatory for all builders or developers to follow RERA regulations before they launch a project. RERA is a transformative act that reassures consumers that their investment for the acquisition of a home in an under-construction project would be utilized for the completion of that particular project as per agreement. According to the RERA guidelines, builders must open an escrow account and deposit 70% of the money collected from buyers and withdraw money from the account only for buying raw material for that specific project only. Strict penalties have been prescribed in the Act (up to 10% of the project cost) for developers who violate the rules or fall short of their promises in any stage of development.
RERA has brought out reciprocal trust among the consumers and builders. It has also provided important guidelines to discipline builders who now have to provide a definitive delivery date and prompt updates on construction speed and other relevant details to the home buyers. In order to make things simpler for home buyers, the Act also defines the exact metrics of “carpet area” so that customers know exactly what they are paying for. This law makes it obligatory for developers to post all the particulars on factors such as project plan, layout, government approvals, land title status, sub-contractors to the project, scheduled for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information further.
These guidelines have helped in creating a more equitable and fair-trade agreement between buyers and developers of properties as the real estate sector has subsequently witnessed increased amounts of real estate transactions in the last 5 years. With a regulatory Act designed to protect and safeguard the interests of stakeholders, RERA has significantly aided in boosting investments in the real estate sector and promoting a feeling of trustworthiness while maintaining the spirit of the home buying process.
Noida being a planned city has come up with a lot of new projects in sector 150 Noida while keeping RERA guidelines in mind making it more authentic, transparent and premium than the rest. Noida is a hub of entertainment, business and infrastructure that connects to different cities through its high-speed expressways that have caught the eyes of the consumers and builders. There are a lot of uprising projects with luxurious properties in sector 150 Noida. Being significantly urban in approach and connected to the Noida expressway is never a bad thought to settle down as plush flats in Noida expressway are the perfect destination to live your extra life.
RERA has provided a much-needed transparency to the real estate sector. As a result, the demand in housing has also progressed over the years. Top Real Estate brands who were customer oriented since beginning are getting more benefits as there has been a surge in ready to move in properties. Not only this but, RERA has also helped in eliminating the faulty players from the industry. The trust factor which somehow was missing from the industry has a firm grip on the sector now. Apart from just timely deliveries RERA has ensure that the buyer gets all the correct specifications and living area as mentioned in the sales collaterals. Previous year also, on RERA anniversary reputed builders in Noida came up with words of appreciation for the RERA and the people working in making it successful. Surely this act will work wonders for both the real estate industry and the buyer.