Issues of Property Buyers that RERA should Address

 The Real Estate Regulatory Authority (RERA) was established under the Real Estate (Regulation and Development) Act of 2016. It focuses on establishing rules and regulations for the real-estate domain and particularly helps protect the interests of homebuyers and promote transparency in the sector.  Keep reading to learn what a RERA-approved project is. 

What is RERA Approved?

“RERA approved” is a term that commonly implies a project that has acquired the necessary approvals from the RERA body of the state to build a property. This approval signifies that the development complies with the guidelines and regulations laid out by RERA. Builders commonly use the term RERA approved to show that a property has been designed and developed in compliance with RERA regulations. However, in addition to this approval, you must also check a property’s official status on RERA registration before investing in it. If a project is RERA registered, you can be assured that the project follows the highest standard in terms of legality, integrity, and quality. 



Issues for RERA to address 

While RERA has played a pivotal role in regulating the realty sector over the years, there are still a few issues RERA must address including:

  • Transparency in Pricing: RERA should continue to ensure that property developers provide transparent, clear, and uniform pricing for all their projects. This shall help make sure that the buyers have access to accurate information when it comes to making decisions in regards to investing in a house. 

  • Quality of Construction: RERA should ensure that property developers use quality materials in their projects. These materials must meet the standards set by the relevant authorities. The use of the right materials helps make sure that the buyers do not compromise when it comes to the quality of their homes.

  • Timely Delivery of Projects: RERA should ensure that developers strictly follow their delivery schedules, avoiding unnecessary delays for homebuyers. 

  • Protection Against Fraudulent Practices: RERA should protect buyers from unscrupulous developers who might use any kind of means to extract money from buyers. 

  • Legal Recourse: RERA needs to provide buyers with proper legal recourse in case their rights get violated by developers. Doing so is important so that the buyers have a recourse if their homes are not delivered as promised by the developer.

Addressing the concerns above would help protect buyers from several potential problems that may come with property transactions.

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