Has RERA Managed to Restore Buyers Sentiments?

Are you planning to buy your dream home in Ajmera Nucleus residential Apartment?

Home buying is every person dream but is a little out of affordability because the prices of real estate properties are touching skies when compared to the income of an individual. Adding to the buyer’s miseries, builders use to have their own norms with no set standards and practices and the agreement between the builder and buyer were always in favor of the builder.

Therefore, to ensure that buyers are not being exploited by the builders and to protect and safeguard their interest govt. introduced RERA norms.

Ajmera Nucleus

Now, before you capitalize your money in Luxury Ajmera Nucleus, rundown the points below to see whether RERA is really able to upkeep buyers’ interest in buying property or not.

Cost of carpet area: Earlier builders use to calculate the carpet are by their own method which was not defined. They use to inflate the carpet area which leads to an increase in the price of the property. Therefore, for same flats builders had different carpet area and prices. However, RERA has now clearly defined the formula to calculate the carpet area and has brought the standardization in its computation. Builder now have to compute carpet using this formula [Cost of property = Carpet Area X Rate per Sq.Ft]

Rate of interest for defaulters: Earlier when builder fails to deliver the project on the said date, they had to pay the interest which was very less in comparison to the interest paid by the buyers when they delayed the payment. But now, RERA has brought in the parity in the rate of interest to be paid by both the parties in case of any defaulter.

Reduced risk of builders’ bankruptcy: Builders usually construct several projects simultaneously, for which they use to divert the funds collected from one project for the construction of another one or for some other purpose. Later they get bankrupt and fail to complete the project. However, after implementation of RERA, this is not possible for builders. They have to deposit 70% of the amount raised by the buyers in a separate bank account. The amount from this account can be withdrawn only on the basis of project completion.

Buyers right on false promises, delayed possession and post-possession defects: For mismatch commitment by the builder for the project delivered or if the builder fails to give the project on the due date. The buyer can withdraw from the project and is entitled to get a full refund of the amount paid in advance including the interest and claims. Otherwise, if the buyer chose to continue, he will be entitled to compensation from the said due date till the date the project actually gets completed.

Additionally, if the buyer discovers any defect in the property related to its structure, provision, workmanship or service within 5 years of the property possession, RERA mandates the builder to rectify the defect within 30 days with no extra charges. If he fails, he is entitled to compensate the buyer.

Right to information and the case of title defect: if the buyer discovers any defect in the title of the property after possession. He is entitled to compensation and there is no limit within which this defect has to be discovered. Also, the buyer has the full right to know each and every detail about the property from the layout and execution plan to the project completion status, etc.

Grievance redressal authority: State authority has set up an establishment under RERA to address the grievance of buyers against builders. In case the buyer is dissatisfied with their redressal, they can go up to make an appeal with the Appellate Tribunal who will address the case within 60 days.

As it can be seen that RERA has specified certain regulations for the builders and has provided several rights to buyers, you can go ahead and invest in Ajmer Nucleus, an exclusive Apartment in Electronic City Bangalore, without giving it a second thought.

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