It is possible that, as a first-time
buyer while deliberating on purchasing a dream abode, choosing an apartment
will cause you to second-guess your thoughts. After all, it’s your hard-earned
money and the secure future of your family that?s on line. There was once a
time when different builders had different standards and principles applied to
the purchase of an apartment, stirring confusion among home buyers. This is the
reason why the Indian government brought about a revolutionary change in 2016
to safeguard the interests of existing and potential buyers.
The Real Estate (Regulation and
Development) Act was enacted in 2016 and the Real Estate Regulatory Authority
(RERA) was born. The Kerala Real Estate Regulatory Authority (KRERA) was
founded by the Kerala government to regulate and enhance the real estate
industry in the state. KRERA is the new real estate champion, supporting
accountability, citizen-centric policies, and greater financial discipline
while defending the rights of investors. This Act is a sigh of relief for
consumers as it makes real estate dealings transparent.
Here are the positive RERA ACT benefits
for why you can confidently buy an apartment now:
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Exposure
to comprehensive information
One of the most essential benefits of
RERA for house buyers is the right to property information. You get thorough
information about the property that you are purchasing as a home buyer. When it
comes to making prospective selections, this type of knowledge can be quite
useful to a purchaser. The developer or builder should share with you all the
project information, such as the layout plan, building phases, action plan, and
completion status.
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A
normalised carpet area
The carpet area, or the area of the
apartment apart from the width of the inner walls, is the space that can
actually be covered by a carpet. Prior to the RERA Act, builders used their own
technique or calculation for estimating the carpet area of a unit or property.
RERA, on the other hand, has codified or standardised how a builder determines
the carpet area. As a result of the RERA Act’s implementation, a builder must
now specify how much carpet space they are providing. Property prices in India
are now determined by carpet area.
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No
more holdups in projects
The possession date for each flat must
be specified by the property developer. The developer will face a flurry of
penalties if the project is not completed by the deadline. If the developer
fails to deliver on the specified date, the buyer has the option of either
withdrawing from the project and receiving a complete refund, including
interest, or continuing to work on it and receiving reimbursement and interest.
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Control
over advances
One of the great benefits of RERA is
that a builder cannot charge more than 10% of the cost of the flat as an
advance or application fee before entering into a sales agreement.
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Flaws
are held responsible
If a buyer discovers any flaw or problem
in the structure, quality, or service of the flat within 5 years of ownership
of the flat, the builder is required to rectify the deficiency within 30 days
at no additional cost under the RERA Act. The buyer would be able to claim
compensation if the builder failed to correct the fault.
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Mending
broken promises
The buyer has the right to litigate if
the builder’s obligations or promises regarding the actual project do not
match. The buyer then has the right to decline the projects and receive a full
refund of the initial deposit, plus interest and compensation.
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Approval
before selling off
Builders may have sold projects without
the necessary permission in the past. This is not the case under RERA now.
Builders and real estate brokers will be obliged to register with the
authorities, providing every detail about their projects, and only then will
they be permitted to sell them after receiving the necessary approval.
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Prohibition
to deviate funds
Typically, a developer will be working
on multiple projects at the same time. They used to be able to divert funding
between projects as they pleased. After the implementation of RERA, this will
no longer be possible. The builder must set aside 70% of the project’s proceeds
in a separate bank account. He can only withdraw money from such an account
after the project has been completed and certified by a civil engineer, an
architect, and a practising chartered accountant. Because the funds can no
longer be diverted to other projects or used for other purposes, they will be
used for their intended purpose.
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Fast
track grievance redressal
Complaints against a builder can be
brought to the state body established under RERA, which will have the
jurisdiction to resolve all. If you disagree with the order, you may appeal to
the Appellate Tribunal, which will resolve your case within 60 days. It will
keep track of the reasons for any failure to do so also.
The
Varma Promise
We at Varma Homes understand the buyer?s
requirements and concerns. Therefore, all of our projects from the year 2019
are KRERA approved, following the industry norms, and are delivered as per our
given commitments. We consider RERA as an opportunity to comply with a rule
that warrants the hard-won endeavours and investments of many. If you aspire to
buy an apartment in Kerala, Varma Homes is all set to take you ahead.
We are a renowned real estate builder
who specialises in providing accessible residential properties. You can select
from a variety of alternatives to meet your needs and budget. We started with
residential construction in Kochi and have since expanded to Trivandrum and
Thrissur. Our major launches will be coming soon in Calicut and other important
cities. Choose the option that best meets your requirements! For additional
information, please contact us at 9645 88 33 33.
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