Seeking to protect the home buyers interests and investments in the real estate industry, the Parliament of India introduced the RERA (Real Estate Regulatory Authority) Act in 2016. The implementation of this act completes three years and indeed, has made the industry relatively transparent. The builders now cannot give wrong information on the property related to its size, design, amenities, location, price, delivery, quality, and so on. On the other hand, homebuyers can also check the status of their under-construction property such as construction stage, units sold, etc. on the RERA website. Developers have become more cautious and professional in handling queries of the customers. The overall functioning of the industry now seems more organised.
Check RERA Act benefits
For those who are still not fully aware of the host of benefits provided by RERA, read the following points:
Before RERA, every builder had his/her way of calculating carpet area. RERA brought standardisation in the calculation of carpet area, and the same formula is now applicable to all the builders in India.
The increasing cases where a builder is often involved in the construction of simultaneous projects at one time, the funds raised for a project from the homebuyers were diverted to the other plan. This practice often led to the builder going bankrupt, and project left incomplete. However, RERA Act made it compulsory for builders to deposit 70% of the amount in a bank account meant for a specific project and withdraw only when the project gets completed.
In case, the buyer finds a difference in what was committed, and what is being delivered in the property, he/she can withdraw from buying the property. Even after possession, any defect found in the property such as quality, the builder is liable to fix the fault within 30 days with no extra cost.
When you buy RERA approved flats, the builder is allowed to take only 10% of the cost of the property as advance amount or application fees.
Failing to deliver the property on the mentioned date, the buyer has an option to either withdraw from the project or to continue with the construction of the project wherein the builder needs to compensate along with interest starting from the mentioned date of completion till the project will be completed.
RERA in Noida's real estate
With the impressive number of reputed builders present in Noida, the projects delivered by them adhere to the guidelines of RERA Act. Both, ready to move and under-construction RERA approved projects Noida are delivered with the highest quality and utmost security.
A RERA approved residential project would cost you ₹ 40* Lacs as a starting price for a 2 BHK apartment.
Some of the sectors in Noida where you can find the RERA approved projects are Sector 150, Sector 132, Sector 140, Sector 143, Sector 78, Sector 79, Sector 90, Sector 121, Sector 70, and Sector 75. Besides the RERA approved projects, these sectors are flourishing in terms of social infrastructure, companies for job seekers, connectivity, metro routes/stations, safety, cleanliness, water quality, pollution-free, traffic, and many more.