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RERA Act covers the rights of the property buyers and embodies duty on the builders. Before RERA act the property market used to run on the whiles and fancies of builders only. The property clauses of RERA act no more entails the bad practice by builders. RERA also extends to the builder-buyer agreement in a fair manner unlike before.
In this blog you will get to know your rights as property buyer as enumerated in the RERA Act.
Table of Contents
RERA simply stands for Real Estate Regulations Act which was introduced on May 1st in the year 2016 with the primary purpose to protect the interest of the home buyers.
The main aim is to protect them from the malpractices of unfair builders. It came as a welcome move for the Indian home buyers since they can now address any kind of issue like project delivery delays, property pricing, quality of construction and for any other reason.
It will further bring transparency in the Indian Real estate sector.
The following projects do not require getting register under this Act:
The following disclosures by the Builder are mandatory required:
It is the net usable floor area of an apartment excluding the area which is covered by the external walls, service shafts, balcony area, and terrace area. But it includes the area which is covered by the internal partition walls of any apartment.
Cost of Property = Carpet area *Rate per square feet
We hope that you as a buyer get to know your rights and major details about how RERA Act works. For complete details and legal compliance you can reach Enterslice.
In case you are also one of the aggrieved property buyer , we can help you in filing a compliant and providing you end to end solution .
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