The Real Estate (Regulation and Development) Act also referred to as RERA has made notable changes to the real estate market in India, and especially the apartment market in Bangalore. RERA was implemented in 2016 to enhance the visibility as well as the responsibility of parties involved in the real estate industry, especially the consumers. To the work of all the buyers and sellers, RERA has managed to introduce certain reforms that have regulated the activities of developers, agents, and real estate transactions in general.
Increased Transparency in Property Transactions
One of the key objectives of RERA is to promote transparency in real estate transactions. Apartments in Bangalore city now come with a level of certainty that was previously lacking. Developers are required to register projects with RERA before advertising or selling properties. In other words, this implies that the purchasers would be able to view the project in detail such as the registration details of the project, the completion date of the project, and also the carpet area of the home.
Clearer Project Deliverables
Before RERA, many buyers of apartments in Bangalore city faced issues related to delayed possessions and unfinished construction. With RERA in place, developers are legally obligated to complete projects on time, and if there are any delays, the developer must compensate buyers. The registration of projects under RERA requires developers to provide clear timelines for possession, and these deadlines are legally binding.
Protection Against Fraudulent Practices
RERA protects buyers from fraudulent developers and projects. Apartments in Bangalore city that are registered with RERA come with an assurance that the developer is legitimate and the project meets the required standards. The market activities of the non-compliance units have been restrained due to RERA’s stringent policies on the developers.
Conclusion
The real estate sector has seen a monumental shift courtesy of RERA, more so for individuals buying apartments in Bangalore city. The Real Estate Regulation and Development Act (RERA), being a more open, transparent, and uniform legal regime, has inspired the trust of the buyers and reduced the risks involved in the process of purchasing or selling properties. Whether you are buying an apartment as a first-time homeowner or an experienced investor, RERA ensures a more secure, transparent, and regulated environment for real estate transactions in Bangalore.