RERA - how it helps consumer
1. No More Project Delays: Till now the prime concern of a buyer while investing in an under-construction project has been delay in delivery of the project. In fact, even after getting it in writing from the builder, no one was sure when one will able to get the possession of one’s flat. Housing projects getting delayed by at least 4 to 5 years had become a norm. However, by imposing heavy penalties on such developers, RERA is likely to stop this practice.
2. Boost Transparency: The purpose of the Act is to make realty deals more equitable between the homebuyer and the developer, and the process more transparent. This will be done by making it mandatory for the builder to disclose details like approvals received, layout plans, court cases against them, among others. Developers will also be required to give a timeline for handover of the project and penalties will be imposed on them in case of any delay. This will help buyers to know whether they are putting their money in an approved project or not, and when will they get the delivery of their flat. Thus, the Act will bring in transparency that will boost the confidence of the prospective buyers and also have positive impact on sales.
3. Accurate Project Details: Many developers promote their project defining numerous amenities that will be part of the project. However, many features are not offered at the time of possession. “The Act will help buyers to get well-defined product typology and interior specifications. Therefore, buyers will be able to make informed decision on a well laid-down information,”.
4. Escrow Account Provision: RERA mandates that 70% of the money received from buyers be deposited in an escrow account and used only for the purpose of the development of a project. If the amount collected is lower than the cost of construction, the entire amount must be kept in the account. Thus, with the mandatory escrow account, the cashflow movements will be well regulated, thus ensuring the buyer’s money is well-guarded and utilised for the project development.
5. Specifying Carpet Area: Currently homes are usually being sold based on built-up and super built-up areas, and not carpet area which is what the buyers actually get. In fact, lots of buyers are not even aware of the concept of carpet area. However, now with RERA coming into force, developers will have to sell flats based on carpet area and not super built-up area.
6. Better Project Quality: Till now the modus operandi of unscrupulous developers has been to book profits on the back of sub-standard construction materials and not delivering amenities as promised. However, in view of the various penalties proposed by RERA and with developers competing on product quality, timelines and product specifications, homebuyers are all set to benefit from better product quality.
7. No More Unwanted Surprises: It has been a common complain of buyers that most of things which were initially promised to them by the concerned developers at the time of booking the flat were finally not delivered to them. Or, they were delivered something else. But now, after the arrival of RERA, developers won’t be able to make any changes to a project without the written consent from the buyers. Thus, a buyer won’t be in for a rude shock when he is finally given the possession of his flat.
8. Better governance: Under the Act, it is compulsory for every state to create a Real Estate Regulatory Authority. Now developers will also have to compulsorily register themselves as well as their projects with the authority. Unless they do so, they won’t be able to either advertise or sell their project. This will ensure better governance of the sector and also help buyers. more
2. Boost Transparency: The purpose of the Act is to make realty deals more equitable between the homebuyer and the developer, and the process more transparent. This will be done by making it mandatory for the builder to disclose details like approvals received, layout plans, court cases against them, among others. Developers will also be required to give a timeline for handover of the project and penalties will be imposed on them in case of any delay. This will help buyers to know whether they are putting their money in an approved project or not, and when will they get the delivery of their flat. Thus, the Act will bring in transparency that will boost the confidence of the prospective buyers and also have positive impact on sales.
3. Accurate Project Details: Many developers promote their project defining numerous amenities that will be part of the project. However, many features are not offered at the time of possession. “The Act will help buyers to get well-defined product typology and interior specifications. Therefore, buyers will be able to make informed decision on a well laid-down information,”.
4. Escrow Account Provision: RERA mandates that 70% of the money received from buyers be deposited in an escrow account and used only for the purpose of the development of a project. If the amount collected is lower than the cost of construction, the entire amount must be kept in the account. Thus, with the mandatory escrow account, the cashflow movements will be well regulated, thus ensuring the buyer’s money is well-guarded and utilised for the project development.
5. Specifying Carpet Area: Currently homes are usually being sold based on built-up and super built-up areas, and not carpet area which is what the buyers actually get. In fact, lots of buyers are not even aware of the concept of carpet area. However, now with RERA coming into force, developers will have to sell flats based on carpet area and not super built-up area.
6. Better Project Quality: Till now the modus operandi of unscrupulous developers has been to book profits on the back of sub-standard construction materials and not delivering amenities as promised. However, in view of the various penalties proposed by RERA and with developers competing on product quality, timelines and product specifications, homebuyers are all set to benefit from better product quality.
7. No More Unwanted Surprises: It has been a common complain of buyers that most of things which were initially promised to them by the concerned developers at the time of booking the flat were finally not delivered to them. Or, they were delivered something else. But now, after the arrival of RERA, developers won’t be able to make any changes to a project without the written consent from the buyers. Thus, a buyer won’t be in for a rude shock when he is finally given the possession of his flat.
8. Better governance: Under the Act, it is compulsory for every state to create a Real Estate Regulatory Authority. Now developers will also have to compulsorily register themselves as well as their projects with the authority. Unless they do so, they won’t be able to either advertise or sell their project. This will ensure better governance of the sector and also help buyers. more
Viewed by 2320
View all 39 comments Below 39 comments
[ ]( # ) [ ]( # )  [ ]( http://r.sigma-institute.website/mk/cl/f/eIJHnE1g8BpIoIeXD8bj8U6hKydf0L3SxeLjifB1DRDZoThgpBRbHdgYUF59-MV2cKqbf8Fj2vB8hWPr26GyGlYcnKmKDW8ZQ6VGqcPiHLNUcGE01GXo5LIwC9r-IXrKe1xR0tEgmpFpFpVmWY8HLqXwODBqXv8xuaD-tt3inm2v1OdGNMyxgn-LRw1dzyoejLcxOewzWP-qw5IT12qr3xKB1-QjQCohJhXD60Bh1R39sLRrKHI0j1o2oo4R4Q4d43rs14pDyqF4V1YoN2MTJe41ZbWNybyFUcdk6I8pL5x9uP7EqEWyOIJiHOfiEgQyeoFOE09sc5e6if3o5O5VnSdYmsK9T79tOhTfXZCP3BJ5fUjDYg )  [ ]( # ) COMPUTER FOR ONLINE CLASSES [ ]( # ) [ ]( http://r.sigma-institute.website/mk/cl/f/reMjw-CGynjgoZeXedGZEufZFGHyIjYnMNiJlr92z0gOPzjyQgJLvgegqsEnwFo9NFO2dXe8KryH1ERgH4yoii9TPAJfPq1qpunukaJly0tqYSLvukSKHDK_aS-fc-Lete2CtH_-WQNft3Kb28PaJ7RHacswucfVjggLrL67ssAbOd0G6ECATknI2KhCB8mBPS0c9uWsQ6dV5hlNPZlYDfSC3zJNGmOnAr6nDffyq1UiimqkLOBVxi9A0utg1KKWF6rXHF3jNK30x3E7dlFXT2p7I06hvqqV7foA8RfTWiSH2T3DlfsDB0OQKaIR3pk2g3851cIuw_N8CQbHwvTFhdhCUmVknftBHH8uPdGSgJwCn0aAmw ) [ ]( # )  For online classes we are providing a complete set of computer with UPS in following specifications: Monitor 15"; Camera & headphone CPU: 160 GB HDD, 2 GB RAM, Core 2 duo Keyboard, mouse UPS ( Electronic voltage stabilizer ) This complete set we offer pan India for Rs. 21000/- ( All inclusive ) One extra 160 GB Hard disk will be supplied free of cost within 5 years, if present becomes in sufficient. All carry "M.I.'s" 1 year warranty.    [ ]( # ) [ ]( http://r.sigma-institute.website/mk/cl/f/P4iCUjyiuaQQuf-aTrqSA0WUL8Gx_VVaUd4QzPTbs0kLZ11Lx4DD-n153fnPn4aIhVZMnF6bNN9rbyofae5WOjn6adP6FgaeZjNHx-DsPuk6rtShrmz_4s-ewHUxBXWGVNgUHUxA3_7Gpu18AKP4btVKm90U1iZijcb9aSNlhcvlMEGpzcEeNeQnmc2MlIyh1rvD_ChFiChUU1xgOi0jq0m-xu4UMoP3Wo4lxxesyGhwa6_YeNDUajpBy7PXuAyR6Fm_CVSXhxLVSTQHRJeM_IbYFyoQDZjUhw7TzUOBOk1JbQGy5paXFLEQbg9-yoWaHbI4Yb8l5iBd9-ajE9qPEwUps6c721Cr9RDjziNlM2QHUQE5xQ ) We understand the hardships...  Hardships of the parents, hardships of teachers, hardships of every such individual who is now compelled to work from home; be it student or the the professional now computer set is must. we decided to help all such people by providing the complete set including UPS to save your machine for longer life. In comparison to laptops desktop is robust & long lasting and also cheap & best ! For getting this deal, please click the button below:  [ Button ]( http://r.sigma-institute.website/mk/cl/f/aiwb71J8hMCkRvQRDsT5ABx8IeMR8M9aL4o6gylMJPFryhdaIEOTCU6ek2k7o3Rww2xySrK_hq9bxVYZoIauirh2cfD5In2H0whDnkxf4F_TpSVFuSKryRUhONXAveaDv_tYV-GAYzmabOzdXq9mujusR5H3h5OQPnBanFsjSHz4vzxbzpYpGUfomc4a-Sa3ZioCn8djdJ3oHfbgcgeEJSeqlkjulHGDBMim-v-sk3JETLWOLkJ4QpI4hi94jTRu1txMeiT28EFieLZT5wgRWDikeQ26P9tYygw07_G_zVaCh56jUY8BRB5Peq4sQPj-U0og8DR4z8b_fVt5Le_CYSIPCSfpNB3K_KvnSsOyvB5ghk9M3A ) [ ]( # ) [ ]( # )  SIGMA INSTITUTE Delhi Cell: 9899075161 [ ]( http://r.sigma-institute.website/mk/cl/f/LotJQQFxkBlLA2DUXaeWinaA_B5_MedTY7G3fcUcTsT_1leAoydm6qnjcjJ1YTcBAWKKwBt7T0hJk3LKkSmQk_LjHtJM85IWK8kjoM1_44-UuIzlXViq6y_7dhrxH-n1KN4jmg50olfERQHrost0HJtcH3ar_cnuygewy0_UGoj9sLxE9MmAF7mtu-NCMAL6j2AlKAHTi1NhsAd3X7UEy41wUowqqixXUqkEPoQFA-m0z_5ofKFf5MTUwEdGH1T3rpPyIn560pf1U4wyleIG_zc15ixl3mnK7PA7XFIzPghH7YwU9xQu1yq4lZBHu_nTcryN0AfVZvVeet5iP2keuyl0qQ-J3A ) [ ]( http://r.sigma-institute.website/mk/cl/f/-R_EBXr7MXp3LAyKKKsv0Sbjxe7ZUQxw59k6A7lchLmSdnIOm7CmG_LUNGqFT_6YD6FiZwy-8DmFN0L7HlRyYNVenRIWu4e9o8NBF100BuGYUXvs8Zy9yEnUUbHGgLfw9jZO9bSGp_eyVmV446tIawOKpBxYRAIpPPjTk4Gy68MEG1lccYAGZH9MpzTpbjGpWw8iO5GPjdpIEfxTvUKT37AcraZ1LaYb1UDRvWiEYruUiXl6i5ax9350zf41NQXANdfSwCAzqi6YRLyS45j0vPmCwNuahp4BnQ0fFp6Y_Tu1BI7Xkz8kfYvXiL38X7_VZwBfi99B32BM6iZTCmW8ogP-Bg ) [ ]( http://r.sigma-institute.website/mk/cl/f/XrWG9Pgrh67nFLhLZT8ypYd_nsWEq2ixVt4jg8gX745S9ZTPR7UVHwd0_okqeC7YeFU35Bo999WmTXTMvp5R85lMF9xJGcta_HwYRvXNtAyvLvXfjuD3-wZy6Z397yy7g6RHf_Mqwk02A1doNdhtPMq87cTvBXJrsVJs-d1Hve46tAzrDNDvtTPu8PsdTmaZZ00xfhjAFaiqvJ_zA_CpF_BzPgoJjx664rQATiYfVV55Gn9x_9LnRvv_q2K6U84JPfz8IgbpfojvrMPnBuSBVI_HvcQ69r5cBYwifELDlqv6Yyv7tThaoQnus0hevhW0HyBsFonzepOTHxOMmAV8Rrc ) [ ]( http://r.sigma-institute.website/mk/cl/f/EqsFlgvZIwEUpU4FP5VPECFUfcXp3XS-mPI0GEEgggR49iaDCLoZ6RZygrjE0tWbOXJEBG5j3DEHITrJDRQLrszv7QnRfEHY9_KSLFtcdncIzIdyt-P9tL0PhqhYI_A6k0lwpzLixgx04WulJYq9M4c6RDj2HwHdYnpHNeQ-MayxbJjLyRBCe0BWt7y841JEfIrW6QzIM-evgb2-p1Jh4jHivh0UVa87sBR4NdStJBvXFLfMRGLdDbU3mzHK-9LnBmifgGLAV6lS-GxWJiLui9I3866yHvLOpvQdhIJ6qRQ26BYQTBmqXtrD5qY2bHlkoD0MxrkRUTEogQq0Q8yyulM6q9QMtOUH2thtBis ) [ ]( http://r.sigma-institute.website/mk/cl/f/z5tsJJm9Bjuo5g2IskY2tIz6BDk5mSWJHeD3orMm9GdriW0zsiM0J-2rKh_mLCO5IPlLXagpdLP2WJ-R8hLm-ycfGZK52vm58OspRJvFQw3X33gMjRFy4vU83VDAlimM7DU2GN4NSOxC_yVE1v_Lv5ac-HBXHE-ISeQZ36ivzYlTwS53sywm9zl73nQzAR9eknpWa5dwOWngcx7Z8Bibq97VEn5FjDCeJMm-GIGWYtStlBrJghj_-B67Imsg68BzelQkTkDrGklltG_5bMgwnmQ-1zqZTJFUrYEJ74ReIJ-vDNkr7iOrEU4Uch_NkWNppB-8Ae8BJy193f7KInQuDl-hAYotHQ ) [ ]( http://r.sigma-institute.website/mk/cl/f/Wp3kZpBvoTW5uBgTgf-8btwh43wOUgpS_fpK5FVXOpfCG_heH2UWWULoDsZ0z2zk__qE6j-d-UapsVp0HumA-6aYF6iLcLz7S5n-CJ5zwe55pviPYGNgeXK86SZoSSMhA0FIifTvvzPhIRDzWbHsA_1I8WaRBjsq9IlEivGYQWj-UOkOG3PLHbOwqd5BW-vhwK_5PXEYTpLNC2gS75SIwVE7-KpFdsHxvbOTjLZYSY7k8hn4VFNIoDQecl4SozmPgGzNcF9bzhBNcnagAbMhDZWzDPqZ9vARr_l5BO610DEnT3VgWrNbYkKdUA3CqChM3LW63PXXLiOxqxHE5ENIBSGnV8pjcRRpr7stuDbjRogDjh0E7bEP-mtCZLcYEMGSbpha3DoG_A5T6YFeAKg ) [ ]( http://r.sigma-institute.website/mk/cl/f/SzBRok7m4r_po2DH3B8Jpn0TfTUN72tFlgsFS__1Pc9E0xDDUrZjyH1RoYdLyl81d8WB3wZoeuz2UycOZD_xdT7AgMwIHWjbuTb-Vxjli86RjBqMUdFGOMRNkEl748pwAYwzmdylka52R3y5HOxTGgKGfi1isFyr6EO8nec8lkBnJo63j78v-zXlRmKhbW0t5hnC35zhyx6V1choVA5cesDHHsl3d9Gpz7wk0biWCMpUYJzYXeLDsqAXwrn0gQYc80gZv6iZ3c6rf4me5m2VJeEBrIxKKxRPajOtyFNyZq5MvFuYRbbsYRj-usxVGIGVJ1dsQaQx14GtevSsqX-jti1Adu14QeX4wwkROu2j ) [ ]( http://r.sigma-institute.website/mk/cl/f/zFeXCtWcTPBnA5r-Cb8s1UYFSqtGlpaSrGWHaC-AnPdD8zZPqFI17KX_j1L224IUx-5fRtgGRDJOo6nF5NFhF5OX2mgduqJ3hu0Eg7S5vEAG4jFsWp4U1QaG4spIfAItv-eB67RYcCvBb6kCFEGyzoiwtMH0ZsS3oXPntWZnyM-bPO4hdaqZx5RvmZLP25UPWaJhUxE90Ppi3PPeJLtVahBI1fot3QMJG_pwSbo60QOjUnh1eyaZx-sJocuQCLT5uAWuAqpbvMWBkINbPSSfaKRX7iMIJvSba3um0fY30ZyxBPIJeJlrHiJzjhwszgTPoH-mcha9CK6avYaHUcqij9PHo7LoDJXtU7xx )  [ ]( # )  You received this email because you are registered with Sigma Institute  [ Unsubscribe here ]( http://r.sigma-institute.website/mk/un/XkokXUYpSc4Yqic3s-oUTy_rsrn7QMIV8AAuolSRRZOOOFwumcsSvqdbG2iJAi0MtntPjhf1K9lA9Lic634CBbBAka7R_aAtU2kfzJQ6zUSRQCOMzoxJtPjxkbyHobK58iyumCiA66mBEHBSGbRoeq3wKwe_GIrAYPc0QyhIcPE_2qnnkh2j32tGFK6mIFdE1QUDN_kGoYllWN43eEK4Ha-SHhM )  [ ]( # )  © 2020 Sigma Institute  more
Oct 31
Neglect of UDA' s quarterly inspections ; laps of regulation restricting construction on Top of Ground Floor if found against Plan Approved ; laps of restriction on Sale Agreements until First Floor is Completed as per Plan , ARE THE OBSTACLES IN COMPLETION of project in time besides the Financial Stability of the Builder and the Terms between Builder and land Owners. more
Nov 25
RERA will be only on paper . Let us see if there is any implementation of this Project. Man proposes God disposes. Who can touch the builders? They are the Governments!! A common man can not fight for his right . more
May 13
