RERA has not only proven to be beneficial in many ways than one, in fact, but RERA has also changed the entire scenario for the homebuyers and the real-estate agents & developers.
With RERA now, you can track the developments made in your property and no property developer can charge you more. In this process, you avail timely possession of the property. If not, then there is a satisfying refund with interest on it.
Since RERA is still very new, therefore, its law is subject to many more amendments and modifications.
These constant updates and changes are taking place only to make the processes way easier and effective for home-buyers at large, and also benefit the real estate developers.
RERA is trying to achieve organization and systematic working in the real estate sector. Therefore, RERA Act aims to provide the homebuyer with the following benefits:
Benefit for stakeholders
Protection from Insolvency
Assurance of quality products & services
Inform of any changes, constant updates
Interest on the Amount, when delay in delivery.
However recently till November, UP RERA (pdf) recorded 8,211 complaints from homebuyers, of which authority has been hearing 2,172 last month alone.
While UP-RERA and Greater Noida bench have been hearing complaints from homebuyers since September 4, 2018. The builders were asked to speed up work and all the flats are expected to be handed over by December 2020.
The Greater Noida bench of the UP-RERA on Thursday ordered seven Noida-based builders to immediately speed up completion of over 21,000 flats in the twin cities that are behind schedule in a range of three to seven years.
UP-RERA team reviewed another 7,000 delayed flats in Greater Noida.
The regulatory body has started playing a conciliatory role to help facilitate completion of projects through intervention.
Conducting a survey on the basis of information provided by developers to UP-RERA at the time of registration.
The order came in the wake of this survey by UP-RERA that found an extreme delay of 21,758 apartments in housing projects in Noida and Greater Noida by:
After much delay of the review meeting with builders about some projects, UP-RERA has asked them to complete the projects on priority. That too after conducting a forensic audit for over 12 builders facing fund diversion allegations.
"Of the projects which we reviewed on Thursday, we have seen minimum delays of three years. The builders have been asked to speed up their completion. Similar reviews will continue in future as well," Balwinder Singh added.
The officials said, "the exercise would continue to monitor the progress of projects and ensure that those running behind schedule are expedited."
These projects have been reviewed and the builders have been asked to speed up work. This exercise of reviewing individual projects will continue for all builders. Even those whose flats are overdue and against whom complaints have been lodged by buyers.
Although, the Greater Noida bench of RERA had earlier reviewed projects of 13 builders and progress of 32,440 flats.
Ever since RERA has come into existence, you can see that successful implementation has been duly performed by it.
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