RERA aims to promote transparency, efficiency, and accountability in the real estate sector in India. Here are some of Rera’s benefits.
Right of Information - The developer is entitled to provide all details about the project such as plan layout, stages of completion, date of the handover, etc.
Standard Carpet Area - The price of a property is dependent on the carpet area. So, RERA has the standardized format of calculating the carpet area. The RERA Carpet area is the net usable floor area of the apartment covered by the interior partition, excluding the exterior walls, the areas under the service shafts, the separate balcony area, and the open terrace area.
Structural defect of property - If there is any defect in the construction of the property, the developer shall take the responsibility of repairing it up to 5 years of acquisition. And the defects must be repaired by the developer within 30 days.
No delay in property handover - According to RERA Act, real estate developers must provide buyers with a property delivery date. If the developers do not complete the project and delay the delivery date, they will face penalties.
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