Real Estate Regulation Act (RERA) is a law enacted by the Indian Parliament to regularise the informal real estate sector. The reason behind the enactment of this law is, in India, a large part of the real estate business falls in the unorganised sector. There is no standardised process, which is followed all over India. This lack of standardised procedure has harmed the interest of the house owners on many occasions. While RERA was enacted especially for the unorganised real estate sector, its impact on the organised sector also cannot be discounted. Therefore, if a company is undertaking a prestigious residential project in New Delhi, it will find that after the enactment of RERA, the procedures related to real estate have simplified substantially.
So what are the basic changes that have happened after the launch of RERA? In this article, we have tried to explain to you in detail about the various advantages this law has provided to the owners. For example, if you are trying to buy luxury flats in Delhi, you will find that there is a lot of transparency in the system that was earlier lacking. Nowadays, a company that is engaged in the real estate business has to provide detailed information regarding the property it wants to sell, including the financial aspect of the business. This is great for the homeowners as they are in a better position to understand the real position of the property they wish to buy and the entire financial cost they have to incur to get the ownership of the apartment.
If you are an investor, looking for good investment opportunity in the real estate sector, the RERA law will be one of the most important factors in your overall decision-making process. You can get any information about a property on the RERA website. In this website, you will get to know the financial position of the real estate property, in which you are interested, as well as the group or the builder who is developing that property. This is very important as you will know, what is the financial strength of the group that is developing that particular real estate property and the past performance of that group in completing similar projects. This information is crucial, as it informs you about the financial capability of the group that is building the property in which you are interested.
Through this, you can judge, whether it is a safe investment decision or not. The authentic information pool that you get at the RERA website will not only reduce your time but also your cost, which you would have to incur in procuring such information from multiple sources. After the enactment of RERA legislation, there will be space standardisation across the board, as well as the lease deals will become faster and more transparent in nature. The homeowner will be able to gauge the total time it will take to get the actual ownership of the property. Additionally, the homeowners will be able to get authentic information regarding the type of land as well as get the land title of the property in question quickly.
All these advantages of RERA legislation make it so important for the future progress of the real estate sector in India.