Tag: RERA Act 2016

Attend RERA workshops by CREDAI to invest efficiently in a home in Bangalore.

Attend RERA workshops by CREDAI to invest efficiently in a home in Bangalore.

The foremost real estate authority in Bangalore has taken the cudgels on behalf of the investors to explain the new RERA rules that have come into effect from May 2017. Every new homebuyer needs to be aware of this new development.

Importance of Investors education

Rogue builders have already made genuine investors suffer. In an attempt to checkmate them, it makes sense for buyers to awaken and be informed.

Consumer rights need to be respected. One of the reasons why there is less trust in the realty sector is the regular cases of cheating indulged by builders. When even some of the known builders started to do the same, it was time to reign in the evil.

RERA has come at a good time to help consumers who are looking for a roof above their heads. Today, with the correct knowledge, a builder cannot promise something that is not even available in the project.

One can now safely buy a 2bhk flat for sale in Sarjapur Road in a project that conforms to the RERA rules. Along with latest rules, it has become important for investors to be educated before they book any flat across the city of Bangalore.

Attend the CREDAI workshop

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If you wish to have a hassle free home without any delays or legal wrangles, please attend the workshop.

Citizen right groups in Bangalore already took the initiative in 2016 with regular workshops. As builders, big and small, realize that the odds are stacked against them, they too need to be familiar with the RERA rules.

The largest realty sector authority CREDAI has stepped in to educate investors and also builders. They also recognize the need to bring credibility to the realty sector. Currently, there are many apartments for sale in Sarjapur Road, Bangalore that can be booked at attractive rates. Builders are offering homes with merely 10 % initial amount and rest on possession.

  • If a workshop is announced in your area, it will constitute the following highlights:
  • It will appraise you about the consumer rights against fraudulent developers.
  • How can you handle delayed project compensation in the right manner?
  • Is there a way to tackle unfulfilled promises given by builders?
  • As part of the study you will need to understand the salient features of the RERA rules made public (initially in the year 2016).

Important points of the RERA Act 2016

rera act india

Karnataka has been one of the states to be pro-active to protect citizens from errant builders. The workshops are in the right direction.

  • RERA rules apply to all housing schemes that are in progress and not yet given to the buyer.
  • All builders/promoters need to mention the schemes floated in the last 5 years.
  • 70% of the money for a particular project needs to be put in an exclusive bank account. It is a mandatory requirement.
  • A builder not registering the project will attract penalty of 10% of the project cost.
  • If registration is not done then there is a jail term of 3 years with 10% fine.
  • False promises will make the builders pay 5% of the cost of project.
  • If orders of Appellate Tribunal are not met there is a 3 year jail term and 10% fine related to the project.
  • If the builder is unable to meet the RERA rules and also that of the Appellate Tribunal then 5% and
  • 10% fine will be levied on a flat or a vacant plot or a building.

Advantage for home buyers in Sarjapur Road and rest of Bangalore

It is now a huge relief for people to buy luxury apartments in Sarjapur Road, Bangalore. Yet a few more safety features are advisable to keep a track till the acquisition of the property.

The CREDAI workshop is a step in the right direction for building the trust between the developers and homebuyers. Now buyers are assured of the following:

  • Timelines of giving possession is vital.
  • Around 70% of the sales billing will be attached to one account and cannot be used elsewhere by
  • the builders.
  • MoUs that are signed will take care of both parties-builder and buyer.
  • If a dispute arises, the buyer gets a chance to lodge a complaint and get the issue resolved quickly.
    Brokers will also come under the RERA jurisdiction.
  • For 5 years the homes will have a warranty period. If anything happens during the period, the builder will repair at their cost

In Sarjapur apartments are in the price range of 80 lakhs and above making it one of the premium and fast selling areas of southeast Bangalore. It is time you attend one workshop to educate yourself before paying the initial booking amount. From the future investment perspective, South Bangalore is a growing hub and purchase of real estate here would be the safest bet.