The Real Estate Regulatory Authority, 2016 Act (RERA) has a major effect on the Indian real estate market. It guarantees accountability and transparency when you are seeking luxury apartments in Kolkata. It protects the rights of stakeholders throughout the process. Here is a guide to understanding the act and how it ensures a seamless home-buying experience.
Before we talk about how RERA can assist you in purchasing luxury apartments in Kolkata, let us define it first. This is a landmark law intended to bring regulation to the housing industry. Developers must follow strict guidelines under this act to shield consumers from deceptive information.
This gives purchasers a clear picture of the builder’s reputation, the project’s plans, the plot for sale, etc. It also expedites the resolution of disputes by creating an appellate tribunal to hear appeals of its decisions, policies, and directives.
This removes all doubt and gives you an accurate picture of Kolkata’s residential projects you have always wanted. The act stated that developers should publish all project details on the RERA website. This includes:
To ensure transparency in every transaction the act mandates developers to provide proper information about the project. Under RERA, builders must disclose every update on the website to provide transparency about the project’s timeline.
The builder must pay 2% interest over SBI’s MICA for the delay period if the project takes longer than the allotted time. Nevertheless, they must deposit 70% of the buyers’ money into a different bank account that can only be used for building-related expenses.
It forbids developers from taking 10% or more of the project upfront from you. This ensures peace of mind and lowers the possibility of losing your savings.
Based on the carpet area, RERA has a measurement that they can use for sales. Buyers book flats online and pay according to the carpet area of the property enclosed on the website. Therefore, they cannot charge more for a super-built space with lobby lifts, stairs, and balconies.
The developer’s duty doesn’t end after homebuyers take possession of the property. If they report any structural defects within five years, RERA can mandate the builder to rectify the problems. This aids in protecting you against any further costs beyond the quoted amount.
According to RERA, developers must obtain permission from the owners before making any changes to the property. They must get permission from at least two-thirds of the owners to modify anything. With this, residents have the right to know and prevent any possible modifications that could impact the value of their homes.
Any dispute can occur during this buying process. However, the act established a fast complaint-processing mechanism to help purchasers. This regulatory body established tribunals to solve these problems efficiently. It also saves time and money by lowering the necessity for legal disputes.
This is how it helps you when you plan to buy a luxurious 3 BHK flat in Kolkata. It ensures that you can have an easy and transparent transaction in this industry.
In conclusion, RERA has a significant impact on Kolkata’s real estate market. At Oswal, we are dedicated to maintaining the highest moral and open standards. We are pleased to introduce Orchard Amritaya, a luxurious flat in Kolkata with a Ganga view; our RERA number is WBRERA/P/KOL/2023/000113.
Contact us to embark on a seamless homebuying journey!
Is RERA approval enough to buy property?
Ans: Always verify RERA approvals before purchasing a home or property. Otherwise, you might face legal consequences.
Is RERA effective in West Bengal?
Ans: RERA is effective nationwide except in Jammu and Kashmir. You can visit the WBRERA website to know more.