Since the time RERA has come it has put forth so many apprehensions for the buyers and the investors of real estate to comprehend what exactly RERA is and how is it going to work for them.
So here I am going to help you out to understand better the nitty gritty of RERA and its consequences and outcomes.
RERA or Real Estate Regulation and Development Act 2016 intend to safeguard the interests of buyers and investors and promises to bring in more transparency in the realm of real estate all over India and in Bangalore too.
RERA has been enacted by the Government of India on 26th March 2016 and the Government of India enacted the Real Estate (Regulation and Development) Act on 26th March 2016 and this act finally came into force from 1st May 2017.
Home buyers and real estate investors were long worried about the security of payment they do in real estate.
RERA was the necessity of the hour to restore the trust of buyers and also to put a barrier on the monopoly of developers to a great extent.
The real estate transaction is expected to be fair and simpler after RERA has come. To bring about more accountability and transparency in the process, RERA was essentially needed.
This would also prevent the flow of black money for which real estate is considered to be one of the safest haven.
RERA promises to give the Indian real estate industry its first and apt regulator.
This act has empowered every state to have its own regulator and set the rules for the regulator to perform efficiently.
RERA Act has come up with several compliances and if not followed then penalties are also there for its non compliance.
Prestige Jindal City Bangalore
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