About RERA Act
The Real Estate (Regulation and Development) Act, 2016 (RERA) is a revolutionary law that was introduced to protect the rights of home buyers and ensure transparency in the real estate sector. Before RERA, homebuyers often faced issues such as project delays, misleading advertisements, and lack of accountability from builders.
With RERA implementation, real estate transactions have become more regulated, ensuring that developers follow ethical practices. The act establishes state-wise Real Estate Regulatory Authorities, making it mandatory for builders to register their projects and provide all essential information to home buyers.
If you are looking for flats for sale in Hyderabad, understanding your rights under RERA is crucial. This ensures a secure and hassle-free property-buying experience.
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Rights of Home Buyers under RERA
1. Right to Information
Under RERA, every home buyer has the right to complete information about a project. This includes:
- Approved layout plans
- Stage-wise progress reports
- Carpet area details
- Project completion timeline
Buyers can access this information on the RERA website, ensuring that they make informed decisions before investing in a property.
2. Right to Timely Possession
One of the biggest challenges faced by home buyers before RERA was project delays. RERA ensures that developers commit to a specific timeline for project completion. If there is any delay, buyers are entitled to compensation or refunds as per the agreement.
3. Right to Seek Compensation
If a builder fails to deliver the promised amenities, provides false information, or delays possession, buyers can claim compensation. The compensation is determined based on the agreement and RERA authority’s decision.
4. Right to Quality Construction
RERA mandates that developers use high-quality materials and follow standard construction practices. If buyers find defects in the structure within five years of possession, they can request rectifications from the builder without additional costs.
5. Right to Transparency in Transactions
Developers must clearly state the total cost, possession date, carpet area, and applicable charges. Hidden costs or misleading advertisements are strictly prohibited under RERA, ensuring fair transactions.
6. Right to a Refund
In cases where a developer fails to deliver the project as promised, home buyers have the right to cancel their booking and claim a full refund along with interest. This protects buyers from fraudulent projects.
7. Right to File Complaints
If a home buyer faces any issue with a real estate project, they can file a complaint with the RERA authority or Appellate Tribunal. This provides a legal framework for buyers to resolve disputes efficiently.
Duties of Home Buyers under RERA Act
While RERA protects home buyers, they also have certain responsibilities, such as:
- Timely Payments: Buyers must adhere to the agreed payment schedule for the property.
- Adherence to Agreements: Buyers should carefully read and follow the terms mentioned in the sale agreement.
- Participation in the Association: Once the property is handed over, buyers should actively participate in the Resident Welfare Association (RWA) for effective project management.
- Report Violations: If there are any deviations from the promised project specifications, buyers should report them to the RERA authorities.
Conclusion
The RERA Act has transformed the Indian real estate sector by bringing accountability, transparency, and security to home buyers. With strong legal backing, home buyers can now invest in properties with confidence.
If you are looking for flats for sale in Hyderabad, make sure the project is RERA-registered. This guarantees a safe and profitable investment.
