Real Estate Regulation Authority India is a government body whose only aim is to protect the interest of customers and lay a direction so that the real estate marketers and the Rera agents get a chance to come up with excellent services. The present structure of the real estate industry is quite unpleasant due to the prevalent corruption, and the lack of transparency.
RERA has been planned to check these factors. This is meant to strengthen the government work and make sure that significant investments in the real estate sector don’t go waste.
Also, the Real Estate Agency is developing a Central Agency Council as well as a Real Estate Appellate Tribunal with RERA. This is being done to bring in a level of assurance in customers for the contractors as well as the providers and also to penalize the defaulters.
The significance of Real Estate Regulation Authority India:
India has a large population with needs of the house, food, and jobs on an ever-increase mode. Housing is one of the major ones. Masses have grown to be rich and many of them have made the loss in real estate business.
It is one of the leading revenue generators for the state. Although it has such a strong presence in the nation, it never had a regulating body. Because of the failure of the state government to observe this, many individuals have now become the victims of a few unscrupulous people doing the real estate business.
It is not that every real estate project chooses unethical manners to sell their units, but lately, this has risen manifold with the economic growth of India.
There was a growing need to bring a transparent state body which can check the developers.
Hence, the state government delivered by making an authority known as RERA (Real Estate Regulation Authority India). RERA Act was passed in March 2016 by the parliament. It promises to bring justice to the property buyer through making strict rules that have to be fulfilled by the property developers to sell their projects. The major issue that real estate in India is facing is the delay in possession given to the home seeker by the rich and cunning real estate builders. Therefore, RERA will aid individuals by bringing in a sufficient transparency and discipline that these property builders must have to follow.
Following are some of the dangers that people face through real estate developers:
Sale of flats multiple times to different parties, Delay in giving property possession to the buyer which happens due to various reasons and mismanagement such as demanding additional charges in the name of facilities, funding crisis, changing the plans of the societies, reducing carpet area, etc.
Besides these risks, the buyer has to unwillingly become a part of a major conflict between the real estate developers and the government relating to the approval of the projects. Most of the time, the property builder takes the money from a buyer, and then his property case ceases at partial completion due to not completing some necessary paperwork or not getting prior approvals with the state government.
The laws under the RERA are still in the initial stage of development, but there will be chances of a huge relief for the buyers regarding developer-specific risk. The mechanism of RERA will be made in such a way that it gives the same platform for both the buyers as well as the real estate developers. Transparency is the main point regarding the norms under RERA since the government wants that all kinds of information that the general public should know must be made available on informational web portals. The real body regulatory risk will also allow the developer as they will have to pay compensation if any mishaps happen while providing the possession of a unit. All the real estate builders will have to register themselves under RERA which will notice a low risk in the real estate business.
However, RERA will bring a new hope for every individual who is affected because of the malpractices of builders; it is still not certain whether the property price will hike in the coming year or not, but as per sources, full implementation of RERA all over the India will be completed until May 2017.
Aim of RERA Agents
The aim of RERA in India is to make real estate purchase easier by providing in better and effective responsibility and visibility. While doing so, it will also generate a more assurance among customers – who should feel relaxed about purchasing a home.
From the last few decades, few problems have arisen in the real estate sector of India. There are many real estate developers and builders who are behind bars because of fraudulent practices. These cheating cases are like plan changes, delayed possession of the residential projects and hidden costs or extra charges that the buyers were not aware of. Hence, Real Estate Regulation Authority India came into effect.
Problems Faced by Buyers and Promoters
This act helps the middle-class people who face property irregularities and issues. The property buying problems are many for the individuals in India. Besides this, the real estate developers and the promoters also face significant difficulties like project approval and ever-rising corruption.
What does the (RERA) Real Estate Regulatory Authority in India do?
RERA in India works towards solving the issues of the real estate developers, promoters, builders and the buyers also. This RERA has been incorporated for the benefit of the individual in India. The Real Estate Regulatory Authority give guidelines to the promoters, real estate agents and property buyers on how to effectively contribute towards serving the best real estate marketing in the appropriate way. It will also help in bringing transparency and stability in the real estate sector in India.
What do the RERA Agents do?
The RERA consultants have the objective of offering good help to the promoters, real estate agents, and buyers about all new Real Estate Regulation Authority India. These consultants are very well aware of the power of synchronization of the real estate agents, buyers, and promoters. They make proper arrangements for synchronization and making sure that none of these suffers due to the faults of others. Moreover, the consultants are adept at educating promoters and buyers about the strict rules about the sale and purchase of property in India.
What is the role of real estate consultant?
They realize the value of the fact that they are the intermediators through which a property buyer and a promoter meet. They are considered as a catalyst through which selling and buying can be done smoothly in the real estate sector. While, now before coming into the real estate market, they have to complete a mandatory Rera agent registration process.
Rera Registration for real estate Agents
The Real Estate Act (Real Estate Regulation Authority India)makes it essential for all commercial as well as residential projects which are over 500 square meters to complete a Rera agent registration process. It is done for providing the transparency in the marketing and execution of real estate projects. For those current property projects which have not get a completion certificate will need to pay a RERA Agent registration cost and also complete the process within three months of time.