Since the passing of RERA (Real Estate Regulatory Act) home
buyers in Mumbai have a sigh of relief. RERA came into the force from May 1,
2017 and since then it has become important for real estate developers to list
their projects under RERA act, so that home buyers can get the possession as
per the guidelines set in the act. Top real estate companies like Nirmal
Lifestyle fall under RERA act. So it does make sense to invest in any of these
projects.
Let us check how home buyers can benefit with investing in
RERA listed project:
·
Property
to be sold on Carpet Area basis:
As per the RERA rules, the property has to be sold in carpet
area which means the net usable floor area of an apartment which includes the
area covered in internal walls and excluding balconies and open terrace. So by
this, the buyer doesn’t have to pay extra for the space offered by the
developer.
·
Provide
Complete Details of the Project:
The developer has to now offer complete information from the
possession date to amenities offered in the project. The developer has to keep
updating the homebuyer about the type of apartments, approval grant, status of
the project, etc. From the beginning of
the project to the completion, keeping the home buyer in loop is important.
· Compensating
the Homebuyer:
If there is any damage to the property or any false
statement is given by the developer to the home buyer, then the developer is
liable to pay for the damage. Under RERA, developers will be now monitored on
every act. This certainly a big benefit for the home buyer because there are
cases where possession is delayed or the project gets halted due to legal
issues. This certainly leads to a loss for the home buyer.
Also Read - Nirmal Lifestyle - Striding Towards Success
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