RERA IMAGE BLOG 1

RERA – A Welcome Change

by admin

Ever since the Real Estate (Regulation and Development) Act, RERA India, has been introduced, the real estate sector has seen the beginnings of a refreshing change. Erstwhile the negligent actions of a few builders had created a poor image of the builder’s community as a whole. The resultant distrust has been detrimental to the growth of the real estate sector with spillover effects on the economy’s growth which slowed down as a result. The major complaints spanning over the last decade have been about late possession of the purchased flat, construction faults, lack of proper paperwork on the part of the builder, illegal constructions; changes in the project plans after the agreement had been made and so on. Now, the RERA has changed all that.

The Real Estate Act (RERA), 2016 states that any real estate projects, whether commercial, residential or under construction projects have to be registered with RERA under three months of its implementation. While applying for the registration, the promoter (builder) shall give a copy of ownership of land, every small detail of the project that has been planned, schedule of the construction, status of land, pro forma agreements and the information of all the real estate agents, contractors, engineers etc.

With the requirement of the legal documents and authentication papers, buyers can now safely invest in properties without fear of losing their hard earned money. Builders will no longer afford to have a laid back attitude about project delivery dates or play around with buyer’s money. This law prompts builders to act responsibly and deliver projects as promised.

If we can draw a parallel to another government act; the demonetization of currency (Rs 1000 and Rs 500) in 2016. The Act did not disturb the honest taxpayers who were at a disadvantage due to several others who were hoarding black money. It was the ones who were following malpractices who were affected.

As a matter of principle we, at Paradigm Realty, have maintained transparency in all our practices and adhered to legal processes for documentation and registration of our properties. We have always been forthcoming in sharing information regarding our projects with our investors in the form of regular construction updates and other intimations and communication with respect to the projects.  Therefore the RERA Act has been a welcome change not only for us but for the entire builder’s fraternity which has been sincere in their ways and allows the real estate sector to be seen in a positive light once again.

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