The first prominent law in the face of promoters and sales agents comes to be RERA, the Real Estate (Regulation and Development) Act, 2016 that is passed by the Govt. of India to protect buyers and sellers from the monopolistic duress they face after buying a property or investing in it partly. Since there could be a number of increasing complaints related to buyer’s rights and the lack of a proper regulatory system, the RERA act was implemented. Passed in March 2016 and made effective from 1st May 2016, the system is an initiative that needs a well-read mind to be informed about its rules and procedures. Owing to richness of the ACT, both promoters and buyers needs formal consultancy services to go through the comprehensive guidelines of RERA to follow by builders, promoters and property agents with right ownership to the buyers.Importance of RERA:RERA revolves around protecting faith and confidence in the buyer to any property for sale or resale. However, it has given a platform of safeguarding buyer interest when new projects are involved and the promoters might not keep up with their commitments after the booking.The act is simple yet vast and can allow for further guidance from an expert. To make sure, the act is known better by both promoters and buyers relating to RERA guidelines, the services of a RERA consultant can be quite valuable.Some objectives of RERA are –
To establish Real Estate Regulatory Authority (RERA) for regulation in real estate.To give protection to customer through a good grievance hearing system.To aware buyersTo identify only genuine promoters and real estate agents in any activity concerned with the buyer rights.To fasten up pending projects, initiate deliver and project completion.To secure rights of the buyer to buy a property.To penalize the defaulters.In the wake of these objectives, it is deemed highly appropriate to seek advice from a RERA consultant before investing in your future growth from current savings. This is because your present savings will support you till the end if your investment is a secured investment. Therefore, the services of a RERA consultant are vital to reduce your risk in property and enhance your learning about real estate matters for a healthy future growth.Services of a RERA consultant.The services of RERA by a RERA consultant include:
Implementation of RERA and how it is crucial for the consulter or promoter.How to be registered under the flagship of RERA as a promoter or sales agent.Services to fulfill to make the sale/purchase of property valid in the books.Important factors to identify the validity of real estate registration under RERAWhat formalities to be done as a promoter under RERA?Guidance to promoters regarding RERA, its compliance and buyer’s rights.Educate buyers and sellers about RERA rights including grievance, RERA remittance and withdrawal.To fulfill the objectives of RERA, RERA consultants provide the required support to customers for a comprehensive education about the law. This knowledge is imparted by experienced specialists who have vast experience in real estate sector.