The Real Estate Act, 2016 is aimed at protecting the rights of homebuyers. With the help of this Act, the home buyers get power in their hands to make informed decisions, seek solutions and compensation for any kind of injustice that the buyer might meet. The RERA Act offers the following benefits to the homebuyers:
Getting Detailed Information
The compulsory registration of the projects, developers, promoters, and agents with the Real Estate Regulatory Authority will help the buyers to access the detailed information on a public domain about a certain project.
Increased Levels Of Transparency
One can access information that thrusts the demand in projects by the home developers who are already in business and will terminate any fraudulent players. Thus it will help in making the market more organized in all the ways.
Refund Policy And Fair Pricing
The Act mandates builders to charge only based on carpet area. This will ensure that home buyers pay for only what they purchase, which is expected to reduce the overall financial burden.
Compensation On Project Delays
The Act helps to take stringent actions against developers who delay the projects actively as it impacts the financial stability of the property buyers. The developers or builders get imposed with heavy penalties if such a case crops up.
Get more information about your rights & benefits of RERA from our team of expert lawyers.