The Housing Industry Regulatory Authority (HIRA) Act is an important legislation that has been enacted to regulate the housing industry in Kolkata and ensure the protection of the interests of homebuyers. The act has been introduced to bring transparency and accountability in the real estate sector and to prevent fraud and mismanagement. In this blog, we will discuss some of the best implications & significant importance of the HIRA Act for apartments in Kolkata.
Regulates the Housing Industry
The HIRA Act regulates the housing industry in Kolkata and ensures that all the stakeholders in the industry follow the rules and regulations set by the authority. This helps in maintaining the standards of the housing sector and preventing any malpractice. The act covers all the aspects of the housing industry, from the construction of the building to the delivery of the property.
Protects the Interests of Homebuyers
The HIRA Act protects the interests of homebuyers by ensuring that they receive what they have paid for. The act requires developers to obtain all the necessary approvals and permits before starting the construction of the building. This helps in ensuring that the building is constructed as per the approved plan and meets all the necessary standards. The act also requires developers to provide a warranty for the building for a certain period of time, which helps in ensuring that the buyer gets a quality product.
Prevents Fraud and Mismanagement
The HIRA Act helps in preventing fraud and mismanagement in the housing sector by requiring developers to provide all the necessary information to the authority. This information includes details about the project, the promoter, and the builder. The act also requires developers to maintain a separate account for the project, which helps in ensuring that the money collected from the buyers is used only for the construction of the building.
Promotes Transparency and Accountability
The HIRA Act promotes transparency and accountability in the real estate sector by requiring developers to provide all the necessary information to the buyers. This information includes details about the project, the promoter, and the builder. The act also requires developers to maintain a separate account for the project, which helps in ensuring that the money collected from the buyers is used only for the construction of the building.
Provides a grievance redressal mechanism: The HIRA Act provides a grievance redressal mechanism for buyers. The act requires developers to establish a grievance redressal committee, which will hear the complaints of the buyers and provide a solution. This helps in ensuring that the buyers get fair and just treatment from the developers of some of the best apartments in Kolkata.
Encourages Quality Construction
The HIRA Act encourages quality construction by requiring developers to obtain all the necessary approvals and permits before starting the construction of the building. The act also requires developers to provide a warranty for the building for a certain period of time, which helps in ensuring that the buyer gets a quality product.
Enhances the Image of the Housing Sector
The HIRA Act enhances the image of the housing sector by ensuring that all the stakeholders in the industry follow the rules and regulations set by the authority. This helps in maintaining the standards of the housing sector and preventing any malpractice. The act also provides a grievance redressal mechanism for the buyers, which helps in ensuring that the buyers get fair and just treatment from the developers.
In Conclusion
The HIRA Act is an important legislation that has been enacted to regulate the housing industry in Kolkata and ensure the protection of the interests of homebuyers. And, that’s why Oswal group has credible projects like Orchard Avaasa in Rajarhat having top-notch affordable flats in a city like Kolkata where the cost of living is slightly on the lower side compared to the rest of the metro cities.
On being HIRA-approved, Avaasa helps in preventing fraud and mismanagement in the housing sector, promotes transparency and accountability, provides a grievance redressal mechanism, and enhances the image of the housing sector. Also, there’s another project comprising some of the best Ganga-facing apartments in a large complex in Cossipore in Kolkata that’s under construction called Orchard Amritaya which is also going to be HIRA-approved and entail all the above benefits. Homebuyers in Kolkata should be aware of the provisions of the HIRA Act and take advantage of the protections provided to make better investment choices in real estate.