The pro­tec­tive um­brella of RERA will trans­form realty

The 14 spokes of RERA have helped realty be­come a sys­tem­atic sec­tor

HT Estates - - FRONT PAGE - Anuj Puri let­ters@hin­dus­tan­

The In­dian real es­tate in­dus­try, par­tic­u­larly the res­i­den­tial sec­tor, wasinthep­ast­cor­rect­ly­char­ac­ter­ized as be­ing un­reg­u­lated an­dunor­ga­nized­with­un­rea­son­ablepro­ject­de­laysand­poorqual­ity of construction be­ing de­fin­i­tive as­pects.

The ar­rival of the Real Es­tate Reg­u­la­to­ryAct(RERA) in March 2016 brought in a par­a­digm shift inthe­sec­torand­meta­mor­phosed it into amore­ma­ture, sys­tem­atic and reg­u­lated one. RERA came into force on May 1, 2017, and is meant to be a home­buyer­friendly regime which will ad­dress­their­grievance­sand­pro­mote trans­parency, ef­fi­ciency, fi­nan­ciald­is­ci­plin­e­an­dac­count­abil­ity in the sec­tor.

In­deed, buy­ing a home is not only the most cher­ished dream for many In­di­ans but also one of the big­gest long-term fi­nan­cial com­mit­ment in the buy­ers’ lifetime. Con­sid­er­ing this, there are 14 im­por­tant guide­lines in­cor­po­rated in the RERA um­brella to pre­vent un­scrupu­lous play­ers from rain­ing on con­sumers’ home-buy­ing plans:

1. En­forc­ing timely de­liv­ery of projects

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