benefits of RERA Act

5 Benefits Every Home Buyer in Hyderabad Must Know About RERA Act

Key benefits of RERA Act: Buying a secure home in India is the biggest dream of every individual. It is also probably the biggest and most significant financial investment which is why the government has made sure that the interests of a home buyer stay protected with its RERA Act, 2016.

Need for Real Estate Regulatory Act 2016:

Real Estate Regulatory Act 2016 was introduced to ensure accountability towards the property allottees, infuse transparency, reduce delays, frauds and ensure fast-track dispute resolution, establish information symmetry and promote better governance in the real estate sector.

All the above information sounds vague and ambiguous to get to know any benefits of RERA Act for you, right? Well, that’s how government communication almost always tends to be.

But don’t worry in this blog here we are here help you know the key benefits of RERA Act for a home buyer in Hyderabad, read on to know them :

A standardized carpet area: 

The total usable area of a particular property that is to be covered by the carpet excluding the thickness of the walls is termed as carpet area. Before the RERA Act, there was no standard formula for calculation of carpet area and every builder made use of a different formula for calculating the area.

Given the total property price is carpet area times the rate per s.ft, builders used to resort to spiking the carpet area with their calculations to increase the price of the property. This led to confusion, miss-communication and sometime false-information until the procedure for carpet are calculation is standardized under RERA ACT in 2016.

Today every builder is bound to use same standard rules for calculating carpet area and this saves the home buyers from possible manipulation from the builders while buying the property.

Stops delaying of the projects:

Delay in the real estate project is probably the most common problem suffered by the home buyers across India and RERA Act also makes necessary amendments the curb this problem too. According to the Act, the property developer has to give the due date of the property possession to the buyer and has to stick by the date promptly. And developers who default their date given are penalised to pay at an interest rate of above 2% on standard SBI lending rate to the concerned home buyers and there is also the possibility of imprisonment of up to 3 years in rare cases.

Now Builders will be responsible for defects in the construction:

Even if the price is affordable and delivery of the project is on time, the risk of defects in the building has always been a pain in the back that lingers until you spend an additional amount which can be a big burden.

With the implementation of the RERA Act, the builder is now liable to the repair of any structural defect in the property construction for up to 5 years from the date of possession and the repair has to be performed within 30 days of defect identification.

Central authority to address and solve grievance quickly:

Any issues and grievances of the home buyers against the builder can now be quickly addressed to the central tribunal set up under RERA Act. Dissatisfied home buyers can now file an appeal to the tribunal which shall address the appeal in less than 60 days.

Right to Information to the home buyers about the property:

Providing inadequate and inaccurate information about the property is the root cause of all the potential disputes and problems that can arise between the buyer and seller in any business, even more so in real estate business due to the significant investment involved.

Not every real estate developer is bound to share all the right information with home buyers like us at NSL Infratech. And RERA Act makes sure that these other developer shares all the details which include complete information about the plan layout, specifications, features, amenities stages of execution, completion and more like us at NSL. As said above, NSL Infratech provides all the details about our residential properties which include luxury 2BHK/3BHK in Uppal, luxury independent villas in Indiranagar, Bengaluru. As one of the most trusted real estate developers in Hyderabad NSL Infratech holds a remarkable track record in construction and development of commercial and residential properties, IT parks and an array of popular landmarks across the country.

If you are looking to buy a luxury 2BHK /3BHK in Hyderabad, NSL East County is another promising residential gated community project in Uppal by NSL Infratech and you can find all the information about it here:

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