{"id":273,"date":"2022-05-19T19:36:26","date_gmt":"2022-05-19T19:36:26","guid":{"rendered":"https:\/\/www.varmahomes.com\/blog-manager\/how-rera-benefits-make-buying-an-apartment-the-safest-thing-for-you-now\/"},"modified":"2023-10-25T06:47:01","modified_gmt":"2023-10-25T06:47:01","slug":"how-rera-benefits-make-buying-an-apartment-the-safest-thing-for-you-now","status":"publish","type":"post","link":"https:\/\/www.varmahomes.com\/blog-manager\/how-rera-benefits-make-buying-an-apartment-the-safest-thing-for-you-now\/","title":{"rendered":"How RERA benefits make buying an apartment the safest thing for you now?"},"content":{"rendered":"

It is possible that, as a first-time
\nbuyer while deliberating on purchasing a dream abode, choosing an apartment
\nwill cause you to second-guess your thoughts. After all, it’s your hard-earned
\nmoney and the secure future of your family that?s on line. There was once a
\ntime when different builders had different standards and principles applied to
\nthe purchase of an apartment, stirring confusion among home buyers. This is the
\nreason why the Indian government brought about a revolutionary change in 2016
\nto safeguard the interests of existing and potential buyers.  <\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

The Real Estate (Regulation and
\nDevelopment) Act was enacted in 2016 and the Real Estate Regulatory Authority
\n(RERA) was born. The Kerala Real Estate Regulatory Authority (KRERA) was
\nfounded by the Kerala government to regulate and enhance the real estate
\nindustry in the state. KRERA is the new real estate champion, supporting
\naccountability, citizen-centric policies, and greater financial discipline
\nwhile defending the rights of investors. This Act is a sigh of relief for
\nconsumers as it makes real estate dealings transparent.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

Here are the positive RERA ACT benefits
\nfor why you can confidently buy an apartment now:<\/o:p><\/span><\/p>\n

?    
\n<\/span><\/span>Exposure
\nto comprehensive information<\/o:p><\/span><\/b><\/p>\n

One of the most essential benefits of
\nRERA for house buyers is the right to property information. You get thorough
\ninformation about the property that you are purchasing as a home buyer. When it
\ncomes to making prospective selections, this type of knowledge can be quite
\nuseful to a purchaser. The developer or builder should share with you all the
\nproject information, such as the layout plan, building phases, action plan, and
\ncompletion status.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>A
\nnormalised carpet area<\/o:p><\/span><\/b><\/p>\n

The carpet area, or the area of the
\napartment apart from the width of the inner walls, is the space that can
\nactually be covered by a carpet. Prior to the RERA Act, builders used their own
\ntechnique or calculation for estimating the carpet area of a unit or property.
\nRERA, on the other hand, has codified or standardised how a builder determines
\nthe carpet area. As a result of the RERA Act’s implementation, a builder must
\nnow specify how much carpet space they are providing. Property prices in India
\nare now determined by carpet area.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>No
\nmore holdups in projects<\/o:p><\/span><\/b><\/p>\n

The possession date for each flat must
\nbe specified by the property developer. The developer will face a flurry of
\npenalties if the project is not completed by the deadline. If the developer
\nfails to deliver on the specified date, the buyer has the option of either
\nwithdrawing from the project and receiving a complete refund, including
\ninterest, or continuing to work on it and receiving reimbursement and interest.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Control
\nover advances <\/o:p><\/span><\/b><\/p>\n

One of the great benefits of RERA is
\nthat a builder cannot charge more than 10% of the cost of the flat as an
\nadvance or application fee before entering into a sales agreement.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Flaws
\nare held responsible <\/o:p><\/span><\/b><\/p>\n

If a buyer discovers any flaw or problem
\nin the structure, quality, or service of the flat within 5 years of ownership
\nof the flat, the builder is required to rectify the deficiency within 30 days
\nat no additional cost under the RERA Act. The buyer would be able to claim
\ncompensation if the builder failed to correct the fault.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Mending
\nbroken promises<\/o:p><\/span><\/b><\/p>\n

The buyer has the right to litigate if
\nthe builder’s obligations or promises regarding the actual project do not
\nmatch. The buyer then has the right to decline the projects and receive a full
\nrefund of the initial deposit, plus interest and compensation.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Approval
\nbefore selling off<\/o:p><\/span><\/b><\/p>\n

Builders may have sold projects without
\nthe necessary permission in the past. This is not the case under RERA now.
\nBuilders and real estate brokers will be obliged to register with the
\nauthorities, providing every detail about their projects, and only then will
\nthey be permitted to sell them after receiving the necessary approval.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Prohibition
\nto deviate funds<\/o:p><\/span><\/b><\/p>\n

Typically, a developer will be working
\non multiple projects at the same time. They used to be able to divert funding
\nbetween projects as they pleased. After the implementation of RERA, this will
\nno longer be possible. The builder must set aside 70% of the project’s proceeds
\nin a separate bank account. He can only withdraw money from such an account
\nafter the project has been completed and certified by a civil engineer, an
\narchitect, and a practising chartered accountant. Because the funds can no
\nlonger be diverted to other projects or used for other purposes, they will be
\nused for their intended purpose.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

?    
\n<\/span><\/span>Fast
\ntrack grievance redressal<\/o:p><\/span><\/b><\/p>\n

Complaints against a builder can be
\nbrought to the state body established under RERA, which will have the
\njurisdiction to resolve all. If you disagree with the order, you may appeal to
\nthe Appellate Tribunal, which will resolve your case within 60 days. It will
\nkeep track of the reasons for any failure to do so also.<\/o:p><\/span><\/p>\n

 <\/span><\/p>\n

The
\nVarma Promise<\/o:p><\/span><\/b><\/p>\n

We at Varma Homes understand the buyer?s
\nrequirements and concerns. Therefore, all of our projects from the year 2019
\nare KRERA approved, following the industry norms, and are delivered as per our
\ngiven commitments. We consider RERA as an opportunity to comply with a rule
\nthat warrants the hard-won endeavours and investments of many. If you aspire to
\nbuy an apartment in Kerala, Varma Homes is all set to take you ahead. <\/o:p><\/span><\/p>\n

 <\/span><\/p>\n<\/p>\n

We are a renowned real estate builder
\nwho specialises in providing accessible residential properties. You can select
\nfrom a variety of alternatives to meet your needs and budget. We started with
\nresidential construction in Kochi and have since expanded to Trivandrum and
\nThrissur. Our major launches will be coming soon in Calicut and other important
\ncities. Choose the option that best meets your requirements! For additional
\ninformation, please contact us at 9645 88 33 33.<\/o:p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It is possible that, as a first-time buyer while deliberating on purchasing a dream abode, choosing an apartment will cause you to second-guess your thoughts. After all, it’s your hard-earned money and the secure future of your family that?s on line. There was once a time when different builders had different standards and principles applied […]<\/p>\n","protected":false},"author":1,"featured_media":274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,22],"tags":[],"class_list":["post-273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kerala","category-real-estate-market-trends-in-kerala"],"_links":{"self":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/comments?post=273"}],"version-history":[{"count":1,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/273\/revisions"}],"predecessor-version":[{"id":613,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/posts\/273\/revisions\/613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/media\/274"}],"wp:attachment":[{"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/media?parent=273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/categories?post=273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.varmahomes.com\/blog-manager\/wp-json\/wp\/v2\/tags?post=273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}