What is RERA and how it can be helpful in protecting interest of property buyers and usher in transparency in real estate transactions? Let us find answer to this question in the following sections.
What is RERA and its Usefulness?
RERA or Real Estate Regulation and Development Act, 2016 (all the provisions of RERA became applicable from May 1, 2017) makes it necessary for all developers to register projects they are running. This step has been taken for protection of interest of property buyers.
What is the need for RERA?
For several years, property buyers were complaining that most of the real estate transactions tend to be lopsided and greatly favoring developers.
Introduction of RERA has made these property transactions fair as well as equitable. Moreover, it is also helping in introducing transparency and better accountability into real estate transactions involving luxury apartments for sale in Yelahanka Bangalore.
RERA and Its Impact on Property Buyers
Few of the important aspects of RERA are that:
- It is now necessary to inform allottees about any type of alterations or additions.
- Consent is to be taken from 2/3rd of all the allottees if any kind of alteration or addition is to be made.
- Prior to RERA registration, there cannot be any advertisement or launch of luxury apartments for sale in Yelahanka Bangalore.
- Consent from 2/3rd of all the allottees will be necessary if majority rights are to be transferred to a third party.
- Developers need to share information about government approvals, project plan, land title status, layout details, and list of subcontractors.
As we can see, RERA is certainly proving to be quite useful for home buyers and helping to protect their rights.
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