Changes brought about in Real Estate after a Year of RERA Implementation
Real Estate Regulatory Authority
(RERA) Act 2016 was passed by the parliament of India. It was passed with the
aim of safeguarding the home-buyers as well as to boost the investments in the
real estate domain. RERA approvals on the project give value to the builder and
hence attract the buyers for the investment. This act is applicable to both
commercial and residential projects across the country.
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| Prestige Highline Pallavaram Bangalore |
Impact of RERA Act
RERA act is a welcoming node mainly
buy the buyers and is also accepted by builders across the country.
Buyers look for the RERA approval
since the property developed according to RERA norms will have least deviations
and will have no legal issues. RERA implements strict rules on the builders so
that buyers won’t suffer any types of loss or problems.
Property approved from RERA are
promised with transparency, security and Quality and is always safe to invest
on RERA approved properties. RERA has accelerated the construction period and
has reduced the overall cost on the consumers. RERA has turned out to be a
major confidence booster to the buyers since greater transparency and timely
project delivery of the project is assured to the buyers.
With the introduction of RERA real
estate has got the transparency in business dealings and has been a tool for
sweeping off the unprofessional builders. As predicted by the experts Once the
clean-up phase of RERA is done, the real estate sector will surely reflect its
true place in the country’s economy.
Some of the changes that RERA has contributed to real estate fields are:
Buyers/investors will not
face any delay on the handover of the project since the builder is imposed fine
for delaying the delivery.
Overcharges beyond the
walls are avoided in RERA properties since the builders are supposed to sell
the properties based on carpet area and not the super built-up area of the
unit.
Builder/developer is
responsible for the quality issues up to 5 years after the handover of the
project and is subjected to rectify it within 30 days of complaint raised and
is held responsible for the defects if any.
Builders will not be
allowed to use the buyer's money to build other projects and divert the funds
raised on the particular project. All the money is monitored and accounted.
To land up in the transparent
project, invest in Prestige Highline residential property located in
Pallavaram Chennai for best profit worth investment.
Enjoy High luxury in Prestige Highline
Prestige Highline is a spaciously
designed residential apartment equipped with necessary modern amenities for the
best living. The residential project is developed on the rules and regulations
by RERA and is awaiting the RERA approval. Prestige Highline venture is nestled
between landscaped gardens for the composed living. The project is in the
vicinity of the reputed colleges, schools, hospitals, Banks, ATMs, eating
joints and shopping hubs. The nearest railway station is Chrompet railway
station for the easy connectivity. Tech parks are also just a few kilometre
drives from the Prestige Highline property for the ease of commuting of the
employees.
Invest in Prestige Highline Today!!
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