Mumbai: The much-awaited Real Estate Regulatory Act (RERA), which will roll out from Monday, is expected to protect the rights of the consumer and to bring in transparency in the real estate sector.
The act allows homebuyers to get every detail of their amenities and services promised by the builder.
Information from change or delay in possession of flats, provisions of water, sanitation, power and other amenities will be just a click away for consumers.
Buyers can even check certification of the structure as RERA makes it mandatory for developers to post all information such as project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA).
According to RERA, each state will set up a regulatory body to solve the disputes between the buyer and the developer. Also, the regulatory authority will ensure publication on their websites of information relating to profile and track record of promoters, details of apartments, plots and garages, registered agents and consultants, financial details of the promoters, status of approvals and projects etc.
Speaking exclusively to Free Press Journal, Dharmesh Jain, Chief Managing Director of Nirmal Lifestyle, said, “It is nearly a win-win situation for both parties but there will be patience required for the transition phase as projects have been sold without RERA in mind. Both consumer and the developer will have to work together and come up with a workable solution which provides proper service to the buyers as well as eases the work for the developers.” Jain added that it is important that everybody looks positively at the changes brought in the real estate sector.
While the web portal of the regulatory has been started, the developers and real estate agent have started registering on the site. The developers will have to submit the occupation and commencement certificates of the project without which the developer
won’t be allowed to start the sale.