RERA or more commonly known as the Real Estate Regulatory Authority is the act which will not only help the homeowners in hassle free buying but boost the real estate investments as well. Both the commercial and residential properties will be covered under this act and all the projects which are above 500 square meters or 8 apartments have to get registered before initiating any project. The main motive to enforce such a law is to bring transparency in the real estate industry and take it to a new level.
The RERA act is now in its final stage but still it may take a year to get implemented. If you are planning to buy your dream home, this is definitely an ideal time. Most of the buyers are confused whether they should invest in the property now or wait for the RERA act to get implemented. If you too are having a similar question in your mind, here is how it will help the buyers to make their purchases.
Safe buying – RERA will bring in the much-needed transparency in the real estate industry that will result in safer buying options. This is definitely a positive change that the buyers will come across as earlier there were many fraudulent cases going around. So with the RERA, it will become easy for them to indulge in any kind of purchase and that too without any tension.
Time bound delivery – As this act has already been introduced the builders have started completing the projects at a fast pace thus ensuring timely delivery. So those who are looking for ready to possess 2/3/4 BHK flats or commercial space, they can easily invest in their dream home. For them, the RERA act is surely a boon as it has increased the speed of completion of several stalled projects.
Put an end to their uncertainties – Buying a house is a big investment and there are lots of uncertainties related to the finance but when it will come into enforcement, such problems will get reduced to a great extent. This is definitely an added advantage that the buyers will be able to enjoy and that is why many homeowners are waiting to ensure that RERA gets enacted as soon as possible.
You can say that RERA is the act which will take the real estate industry one step ahead and offer several opportunities to both the buyers and the builders.