RERA sections about which you should be aware
If you are looking for an apartment or home for investment purposes or even to stay there with your family, then you must be aware of the laws that regulate the real estate industry. The RERA law enacted by the central government is directly related to the real estate sector of this country. Therefore, whether you are looking for some great investment opportunities like buying Aagman affordable Flats & Apartments or even plots, these laws form the basis under which you can buy or sell property in India.
The real reason for this law is to safeguard the interest of the buyer from unscrupulous buyers and improve accountability and transparency in this sector. Therefore, whether you are interested in buying high-end apartments or affordable Terra Housing Apartments and S3 Green Avenue, you can get the benefits of this law that safeguards your interest. To help you understand this law in great detail, we have listed some of its sections that directly benefit you.
A special body to act against your complaint
According to the provisions of the RERA Act, the state has to create special tribunals in its jurisdiction. These tribunals will have the authority to check the project detail and in case there is any dispute, they can give their judgment within 60 days of the complaint being filed by the buyer. This rule and the jurisdiction of such tribunal will be for all registered commercial developers. Furthermore, according to the guidelines of this law, the entire project detail has to be shared with the investor so that they can make an informed decision.
Legal title of the property land
In the past, many unscrupulous builders used to take huge amounts of money from the investors as advances, which they used to invest in the property. Many time these builders did not even have legal ownership of the land on which they wish to build apartments. However, according to the new act, the registered builder should have legal rights as an owner of the land in which he/she wishes to build an apartment for sale. Furthermore, the real estate developer has to declare the legal title of the land so that the buyers can check it and authenticate it.
The project has to be completed in time
Timely delivery of the project is another important section of the RERA act. If due to some unforeseen reason they cannot hand over the property within the strict letter time, then the real estate developer has to give back whatever advance they have taken from the investor with interest.