Real Estate Regulatory Authority (RERA)
The Real Estate Regulatory Authority (RERA) was established in India in 2016 to protect the rights and interests of homebuyers. Let’s explore why RERA is crucial and how it benefits buyers.
Transparency and Accountability: RERA ensures transparency by defining norms for real estate development. Builders must adhere to specific rules and regulations, preventing unfair practices.
Standardized Carpet Area: Before RERA, calculating the carpet area varied across builders, leading to confusion. Now, RERA provides a consistent definition, making property prices more accurate.
Timely Project Delivery: Developers are obligated to complete projects on time. Buyers can track progress and hold builders accountable.
Escrow Account: RERA mandates that developers deposit 70% of funds collected from buyers into a separate bank account. This ensures project completion.
Grievance Redressal: RERA provides a platform for buyers to file complaints and seek resolution.
Rights of Homebuyers Under RERA
Access to Information: Buyers have the right to obtain project details, documents, and completion schedules.
Claiming Possession: Buyers can claim possession as per agreed timelines.
Protection Against Defects: RERA ensures that buyers can address any structural defects.
Consent for Changes: Developers need buyer consent for alterations to the project.
Refund and Compensation: Buyers can claim refunds and compensation for delays or defaults.
Benefits of RERA
Accurate Information: Buyers receive real-time project details without misleading advertisements.
Transparency: Standardized practices and clear rules benefit buyers.
Timely Completion: RERA encourages developers to finish projects on schedule.
Fraud Prevention: RERA reduces the risk of property fraud.
Auricas and RERA Certification
Auricas, a reputable real estate developer, proudly offers projects that are RERA certified. When choosing your dream home, consider Auricas for transparency, quality, and adherence to regulations