The real estate industry has unfortunately always been plagued by accusations of non-transparency. However, with the introduction of RERA, a new era has been ushered in and now transparency has become an integral part of every project.
RERA as an initiative is taking up various grudges and address important issues like delays in projects, unfair pricing, quality of construction, title among other things. In fact, the biggest issue faced by buyers is the delays in projects. With RERA coming into effect, the transparency has also come into play and the buyers will be sure that there won’t be any infinite delays.
With RERA coming into effect, buyers have more clarity. The developers are required to keep the buyers informed about everything, including their other ongoing projects too. It also requires the real estate developer to maintain a separate escrow account for each of the announced projects. This escrow account has to hold 70 per cent of the money taken from the buyers and investors and buyers. This money in turn is only to be used for the construction of the project and buying the land.
RERA asks the builders to submit the original approved plans for all their ongoing projects, along with all the alterations that are done later on.
Coming to the quality of construction, any issue regarding the same as highlighted by buyers, has to be rectified by the developer as soon as possible.
If the developer is not able to deliver according to the agreed deadline, they are required to return the entire money to the buyers and in case the buyer still wants the property; the developer will have to pay monthly interest till the time the delivery is made.
RERA is truly a boon for the buyers and a wake-up call for the entire industry.
With The Antriksh Group’s RERA approved projects, you are sure to experience complete transparency. Because, for us the customer’s satisfaction is of the utmost importance.