Be an informed buyer: all about RERA

May 17, 2021

The real estate sector is one of the contributors to the development of our country and its economy. As we all tend to migrate for our personal and professional growth to new places and need a house to live in, real estate companies help us by building towers and societies for the same. In all this, one may fear getting fooled by the wrong builders and lose their money. This is where RERA i.e. Real Estate Regulation Authority comes into the picture.

What is RERA?

RERA was initiated under the Real Estate (Regulation and Development) Act, 2016, and was in effect from 1^st May 2016 in India. This authority ensures the protection of buyers and helps in boosting real estate projects. RERA ensures

• Financial security to its buyers and investors i.e. it ensures that their investment is safe.
• Transparency to construction i.e. the builder has to show what is being built and can not further change it without the consent of the buyer.
• Fairness in terms of property cost and timely construction i.e. the buyer will pay for carpet area and not super built area and if the project is delayed than the given time, the buyer has the choice to back out with money returns.
• Quality by the builder i.e. the builder has to rectify the issues for the first five years after purchase and within 30 days of complaints.
• Authorization i.e. the registration is a must for advertising, selling, building, investing, or booking a plot.
• Builders can not use the money for their other projects as they used to before RERA.
• They can not take more than 10% of the cost as an advance or application fee from the buyer.
• Interest to be paid in terms of delayed project or delayed payment by the builder or buyer is the same now. Before, it was more for the buyer than the builder.
• RERA provides a buyer with the right to information about the project which is not limited to plans but also includes the execution and completion status of the project.
• Grievance redressal i.e. anyone can file a complaint to RERA and further to Appellate Tribunal in case of any issues.

In short, RERA had made it equal for all i.e. the builders and buyers. Now, the power is in both hands instead of just one. Shubhashray Housing India executes its projects according to the RERA. Almost all our buildings are RERA approved.

How Shubhashray Ensures RERA

From project execution to completion and after, Shubhashray ensures RERA is followed.

• RERA has given the carpet area rules in terms of construction for various income groups. We ensure to provide that amount of carpet area per unit.
• We do not charge the buyer for the super built-up area. We charge according to the carpet area as per RERA norms.
• We ensure that the customer gets what is being promised by us as all the amenities and details of their flat are mentioned in the sale agreement.
• The possession date/ completion date of the project is fixed by RERA, all our projects under RERA are finished well before time.
• According to RERA, the builder has to execute the agreement to sale (ATS) before taking any amount from the client more than 10% of the property value. Here we execute the said agreement as soon as the customer pays 10% of the amount.
• We are one of the first builders to start submitting the quarterly progress reports required by RERA
• We ensure on-call maintenance services to the residents of our society.
• We do not compromise with quality in our projects at any level.

RERA has imposed penalties on several builders for late possessions. Our projects, Shubhashray Uptown and Shubhashray Jaipur will also be completed well before the deadline. You can see that we ensured these rules by checking out our previous projects located in Bawal, Haryana & Rajkot, Gujarat. These projects are completely occupied now. Our projects in Jaipur and Keshwana are also registered with RERA. So, choose RERA with Shubhashray Housing India to safeguard your property investment.