We invest our lifelong savings in buying our dream home as it is undoubtedly one of the biggest financial achievements. Until recently, not everyone was able to afford buying a property. And to top it, almost every builder or real estate developer made norms as per their convenience, which added to the buyer’s misery. The builder-buyer agreements were made in such a manner that it favored the builder.
So, to protect or safeguard investors’ interests, government developed a set of regulations which are collectively known as the RERA act. The following article explains the act in detail and the importance of buying RERA registered projects in Ambegaon, Pune.
A Boon for Real Estate Buyers
Real Estate Regulations Act or RERA was introduced in 2016 to provide buyers relief from malpractices carried out by builders. The act specifies certain norms that enhance transparency in the transaction of real estate sector. The act also specifies creation of a separate Real Estate Authority and Appellate Tribunal to which, home buyers can file a complaint in case of any wrongdoing by a real estate builder.
Here is why it is significant to buy RERA new or ongoing projects in Ambegaon, Pune
Standardized Carpet Area
Before RERA, the carpet area on which the builder calculates the price was undefined. Thus, every builder had their own calculations which resulted in a lot of discrepancies. A standard formula was thus made under RERA which made carpet area calculation easier and common for all builders. The most astute builders in Ambegaon offer spacious apartments with the most affordable carpet area.
Relaxed Advanced Payment
This was one of the most essential factors that made it difficult for the common man to buy their dream home. Earlier, real estate developers used to charge almost 40% advance payment to book an apartment. However, RERA regulated it to not more than 10% which made it easier for everyone to buy apartments. Both new and ongoing projects in Ambegoan, Pune have the most relaxed payment terms which lets buyers book their dream home by paying as little as 5% to 10% of the total cost of the apartment.
Reduces Risk of Builders’ bankruptcy/insolvency
There have been cases where a builder earned money from homebuyers on the basis of proposed projects and used those funds for other purposes. They later became bankrupt, and homebuyers lost their hard-earned money. RERA regulated by making the builder liable to depositing the 70% of the project-related amount in a separate bank account. The amount can only be withdrawn after the completion of the project upon certifying from a registered civil engineer, architect or a chartered accountant.
Claim Compensation
If, after a few years, you find a structural defect in quality, workmanship, and provisional service, then you are entitled for a claim compensation. RERA gives the right to the buyer to file for the same if they find any defect within 5 years after possession. The best builders in Ambegoan, Pune use the top-quality materials and employ qualified and experienced civil engineers and architects to offer quality living in their new and ongoing projects.