The real estate regulations act, or RERA, was introduced in 2016 to safeguard your rights as a buyer. RERA's primary goal is to protect buyers from unethical building activities. RERA provides guidelines for real estate development and construction that will increase transaction openness in the industry. But builders will also benefit from this program. So let’s take a look at what are the benefits of RERA for builders.
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The home must be occupied by the buyers within two months of receiving the occupancy certificate. It is a positive thing for builders that fewer vacant properties result from this.
There won't be as many dishonest and untrustworthy builders, who contributed to the unorganised nature of the expanding real estate market.
This sort of cleanup will boost both the legitimacy of all registered developers and the confidence of buyers in the builders.
Lenders will be more ready to lend funds to the builders due to the increased trust and openness that the RERA regulations provide.
RERA requires ongoing payments from purchasers, covering registration fees, maintenance costs, taxes, instalment payments, water charges, etc. Builders, who frequently had to deal with the consequences of missed payments, will be relieved by this.
There will be fewer chances of debts among developers. Because 70% of the funds are accurately allocated to the project and are not transferred to other projects. These are the RERA benefits to builders.
How the RERA will help builders?
Since the builders are required to deliver the house on time, buyers now tend to favour RERA-approved developments. The developer is required to provide information about the project. It includes the carpet area, floor area ratio, and a specific number of residences, to potential buyers who are interested.
All problems and delays are addressed under the RERA dispute resolution procedure. The best part is that the RERA decisions are not subject to litigating, and the appeals process is often available within a 60-day window. But as more builders opt to register with RERA, unregistered builders may run into difficulties moving their projects forward with the authorities and buyers. This helps you understand how RERA will help builders.
This clears your doubt about what are the benefits of RERA for builders.
Read More: What are the benefits of purchasing a RERA-approved layout? What are RERA norms? How to verify the RERA number?
How RERA will benefit builders?
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2022-12-20T09:18:36+00:00 2022-12-20T09:18:37+00:00Comment
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