Fizzy Homes Forum › Forums › Real Estate › How does RERA affects the builders and the homebuyers? › Ashutosh Tiwari
April 10, 2019 at 8:19 am
#1047
fizzyhomes_admin
Keymaster
The introduction of RERA in the modern era has brought a huge change in the real estate industry. Now the builders as well as the buyers need to follow a strict framework while buying a property – apartment, villa, flat, etc. However, RERA registration is not a tough task and registration can be easily done with the help of a RERA consultant.
Effects of RERA on the builders are as follows:
- Standardized carpet area is followed for the price.
- Rate of Interest on default (both for seller and the buyer) is the same.
- Reduces the risk of builder insolvency.
- Buyer protected in case of false promises.
- Any grievance against the builder can be taken to the state authority set up under the Act to redress all the grievances.
- Advance Payment can’t be more than 10%.
- Buyer protected in case of the defect after possession.
- Delay in Possession is not allowed.
- Right to information related to project.