However, not everyone is able to buy a home due to the high cost of real estate. The problem was further complicated by the fact that developers and builders in Jodhpur had their own standards, and there were no standard standards. RERA or Real Estate Regulation Act was enacted to promote real estate investments in India and increase transparency in the real estate sector.
What is RERA Act?
A new law called RERA, or the Real Estate Regulations Act, was enacted in 2016 with the aim of protecting the rights of homebuyers. RERA is primarily concerned to protect buyers from unfair practices by the builders in Jodhpur. Builders and developers are required to follow several laws and regulations that have been established to provide home buyers with several rights.
Now Have a look at the advantages of the RERA Act.
- The Right to Receive Property Information: The RERA Act is primarily designed to benefit home buyers in this regard. In addition to providing you with all the information regarding the project like the layout, execution plan, progress of the completion stages, competition status, and so on, this information can be beneficial to you on a number of fronts.
- Construction Projects Can’t be Delayed: Property developers in Jodhpur are required to give the property owners a due date for taking possession of the particular property under the new RERA Act in 2016. Developers in Jodhpur will face many penalties if they do not complete the project by the date. The buyer can take the following steps if the developer fails to hand over the possession on the given date.
- A full refund, as well as interest, can be obtained by withdrawing from the project.
- He/She has the right to compensation as well as interest if he/she is continuous with the project.
- The Advance Payment: As one of the major benefits of RERA, builders are not allowed to charge more than 10% of the property’s cost as an advance or application fee.
- False promises by a Buyer: The builder in Jodhpur falls short of the promises made with regard to the actual project if the promises are not met by the builder. When the buyer withdraws from the project, he is entitled to get a full refund or, in some cases, interest and compensation in addition to the amount paid in advance.
- Builders will need all evictions before selling: Earlier builders, sold projects without all clearances, leading to many complicated problems for homebuyers. Under the RERA Act, the builder must obtain all clearances before selling a project.
- The builders cannot use your money for another project: Home buyers have been frustrated by the untimely delivery of real estate projects. It has been reported by the new channels that almost all the real estate projects launched between 2010 and 2013 have failed to become a reality primarily because the funds collected from buyers were diverted to another project by the builder.
- Declining in prices of real estate: Home prices, land prices, and interest rates will be affected directly by the RERA Act when it comes into effect in 2016. A major improvement has been made in real estate trust and transparency as a result of the RERA Act. Having these signals in place is helping to grow the sector, as well as lowering interest rates for home loans with the higher demand that is slowly decreasing prices.