Have you bought a new home or property? If not then you should first read about the RERA Act, influencing the property purchase process altogether. To protect your finances and ensure a smooth transition with professional
home shifting services in Ahmedabad, RERA has to be understood. Read the blog, we have listed a few significant points highlighting its importance, and a quick overview of how it enforces compliance across the industry.
What is the RERA Act?
The Real Estate Regulation and Development is an Indian Parliament Act. It aims to protect the interests of both buyers and developers and promote investments across the real estate sector.
Why is RERA Approval Important?
Find the list of a few critical points highlighting the significance of a RERA approved property:
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Financial security:- The prime benefit of a RERA-approved property is the security among both developers and buyers. It establishes mechanism to protect the interests of the parties involved.
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High transparency:-It makes developers obliged to capitulate original documents for the particular project. However, developers can’t make changes to the agreed plans and more importantly without the buyer’s approval.
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Brings unbiasedness:- RERA binds developers to sell properties through the carpet area but not on built-up or super areas. It brings an unbiased approach leading to more trust among each other.
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Quality :- It asks developers to fix any issue falling within 5 years of property purchase. The repair work has to be completed before 30 days from the date of complaint.
How RERA Enforces Compliance?
Check out quick steps that RERA takes to enforce compliance:
- Imposing penalties
- Revoking project registrations with authorities
- Legal proceedings against non-compliant builders
- A powerful deterrent focusing on fraudulent practices, etc.
Conclusion
Transitions can only be successful if you’ve taken the right steps to ensure the financial security of your investments in a new property. Once you’re done with the property legal obligations, you can easily make smooth and seamless transitions with
top packers and movers in Ahmedabad.
