All You Need to Know About RERA

All You Need to Know About RERA

Buying a home is a more involved process than just going into the shop and picking the thing you like. You are investing your life’s savings into buying a house and will take up a loan that would cost you your life’s next 10 years. So learning about everything that would help in the house buying process is a smart move to make. RERA or real estate regulation act is a new law that has been passed that holds the builder more accountable and gives the buyer a better standing in the purchase of the real estate. The main aim of RERA is to save the buyers from malpractices of builders.

If you have been planning to buy a house in Thane you should look for RERA Approved Projects in Thane. RERA Approved Projects in Thane are safe for the buyers to invest their money on. RERA has made certain norms for all the builders to follow. Failure to do so will lead to the license of the builder being canceled putting them out of business. All projects after 2016 need to be registered under RERA and if you are searching for a house in new upcoming projects. RERA Approved Projects in Thane are now becoming a common sight. Continue reading to learn what RERA has changed and how it benefits you.

One of the biggest changes that RERA Approved Projects in Thane bring along with them is a standardized way to calculate the area of the house. Previously different builders used to calculate the area differently but since RERA came into force calculation of area is one of the first things it tackled. Under RERA the builder can only charge for the carpet area of the house which excludes balcony and ducts in the house but includes the partition walls in the house. RERA has not only standardized the area for which the buyers need to pay but also standardized the way it is calculated.

Another risk that buyers had before RERA was that the builder that they are giving their money to could file for insolvency or bankruptcy. But since the introduction of the RERA the chances of people losing money to these mishaps have been reduced. Builders were usually free to divert funds from project A to project B if they have multiple projects running at the same time. This means the money was at risk. However, this won’t be possible now in RERA Approved Projects in Thane. The builder has to put 70% of all the money in a different bank account and can only access the money for the project they are intended for or after the completion of the project. This move safeguards the investors from taking big losses due to builders going bankrupt.

If there were false promises made by RERA Approved Projects in Thane the buyers now can hold builders accountable. This is a big move that helps the buyers if the promises weren’t met by the builder. The buyer is liable for a full refund or the amount paid by the buyer if the promises weren’t met by the developer.

RERA Approved Projects in Thane also gives another relief to the consumers. The builder of RERA Approved Projects in Thane is liable to pay for any damages that are caused to the structure of the building like cracking walls for five years after the project has been completed. This means the house you buy comes with a five-year warranty attached to in case any defects in the structure are found. This makes the builders use the best material available to save them the cost of repair later down the line. You can be assured that the materials used in RERA Approved Projects in Thane are of the best quality.