IS RERA GOOD FOR YOU?
By Sangeet Hemant Kumar
The real estate market is on a verge of rising. This time it is doing so on a positive note with more positivity in consumer sentiments and a consistent building assurance. A major reason for this is the pass of the RERA Act. It has given immense power in the hands of the consumer and is a major aid for them to protect their investments.
Customers are currently judging the newly developed territory, keeping a watchful eye to see the progress made in the real estate space. A few key features that RERA Act demands, that will be particularly beneficial for the consumers are:
• Every on-going project needs to be registered and no form of advertising, marketing or sale can commence, unless this is done.
• False or misleading advertisements can lead to revoking of license, which can assure the consumers that what they are being told is what they are getting
• The consumers can expect a full disclosure from the promoter. This includes personal information of the promoter, the details of all his projects in the past 5 years including the status of these projects, the proforma of the allotment, the sanctioned plan, layout plan and even the specifications of the proposed projects
• Further, the promoter is bound to the consumer via all legal obligations and services till the handover to the registered society of flat owners does not happen. This has created a level of assurance in the minds of the consumers towards the safety of their investments
• The act further protects the buyers right of timely completion of project, by demanding a fixed 70% of the money received from the consumer, towards completion of the project that the money was paid for.
Sangeet Kumar Kumar
Founder,
SHK Ventures
Contact : +91 98200 72560
(SHK Ventures is a complete 360 degree real estate strategic management company that helps the developers and investors bridge the common gaps in real estate buying and selling, while also connecting them with each other.
Our dedicated RERA desk provides assistance and advisory to the developers on RERA and GST compliance and to investors on the benefits of the act.
Our detailed analysis and focus on backing each solution with Market Intelligence and management of relevant compliances, SHK Ventures provides foolproof solutions)
