What is the Real Estate Regulatory Authority (RERA) and why is it important?

What exactly is RERA

As there are many regulatory authorities in India for every industry. There is RERA for Real estate sector. It was a bill passed on March 7th, 2016 in parliament for the well-being of the home buyers and to help them from fraudulent builders and developers who make false claims to sell their properties. 500 sq meters of Land development or 8 apartments is the criteria for a property to qualify for RERA.

Importance of  RERA

RERA  Authorizes all the activities a developer perform from planning to delivery such as

•  Types of homes for sale,
•  Site plans like master and floor plans, 
• Down payment and EMI Schedules 
• Completion dates(Stages of) 
• Updates on the status of the project

As RERA has all the authority from Schedule to completion, there will be no discrepancies in terms of deliverables of the project.
RERA is really a boon to homebuyers, builders and developers in Bangalore too.

The impact of RERA on real estate

The builder can’t commit to providing any amenities or services which is not there or is unrealistic. The builder or an individual should face legalities just in case they are found in any such fraud. Buyer should also be aware of the important compliances involved.

• 70% of the amount for the project from the buyers has to be maintained in a separate bank account, to be utilized for the construction of the specific project only.
• Increased affirmation on the timely finishing of projects and conveyance to the purchaser.
• An increment in the construction quality due to responsibility on any defect for five years.
• Sharing data on project design, layout, necessary approvals, sub-contractors, land title status.
• The project should be Certified by an engineer, an architect and a chartered accountant in practice.
• Formation of RWA (Resident Welfare Association) inside determined time or 3 months after dominant part of units have been sold.

Benefits of RERA

There are many benefits which incur to the buyer when we are talking about RERA

• The carpet area standardization is one of these, before the RERA act is passed, the carpet area was not defined properly. The carpet area calculation had been going wrong before, which led to many misunderstandings on the pricing part.
• Promoters are not allowed to advertise without a RERA  number, this itself filters out the genuine listing rather than buyers filtering out.
• As said earlier, the funds are deposited in the account which is  exclusive to the development of the particular project, before RERA the fraudulent builders used to divert these funds to their favourite project. This is subsequently irradiated.
• If the possession is delayed, the buyer has all the rights to claim a refund.

How to find the Best Builder in Bangalore

A high range investment like real-estate, requires the best. People who are into a real estate investment, looks for the best. Here are some tips to find them.

Unique amenities

Every builder provides amenities, but only some builders provide unique amenities, providing these amenities require years of expertise, and research of what people want.

If a builder provide unique amenities, he should have gone an extra mile for the customer satisfaction, never over look this kind of builder.

Custom made designs

If a builder tells that you can custom model your home, just go with him, rather than choosing a flat which resembles  the rest of the apartment.  better to  choose a builder who specializes in client-driven designs. You can find these in his previous work.

Testimonials

Testimonials and reviews is a good option to filter out the better options. 
Try to find about the builder in the market or internet. If the builder is good, average or bad, there is bound to be some news about it circulate in the market. One can research more about the builder online and check the reviews and testimonials from past and present clients. There are genuine review sites like mouth shut, glass door for checking out a builders reviews everywhere.

Reputation in professional groups

Every business has its professional groups depending upon the industry, for a builder these may be the groups like Architects, plumbers, etc. Just enquiring about the builder in these groups can give you a clear picture on how these people handle their customers.  
When you have positive feed back all over you should consider him, if vice versa happens you may rule out him from your list.

Research Online

Browse some online forums related to property, renovations or home improvements and reach out to the online community by asking for recommendations specific to the location.

Online forums may also be a great way to find out the  abilities of the builder you are thinking of.

Awards and accolades

 it’s hard to differentiate the best from the rest. A valuable way to distinguish a business as a top-flight leader or company is by checking for well-known, credible awards. These accolades acknowledge companies and leaders who have achieved a certain degree of success against a specific set of standards, or separated themselves from competitors.

Have a look a these Awards, accolades and achievements in this field.

Conclusion

All said and done, which is the most useful tip of all the above please comment down below.