How RERA will impact the Gurugram’s real estate market?

According to senior officials of Haryana Government, RERA or Real Estate (Regulatory & Development) Act is a home buyer’s friendly law and it will bring accountability, reliability, and transparency to the real estate industry of Gurgaon Gurugram and other parts of Haryana. This act will make buyers a king.

We know many home buyers stuck on various parts of Gurgaon Gurugram like Dwarka – Manesar Expressway, New Gurgaon, SPR Road, Golf course extension road and others because of late deliveries or other violations of builder-buyer agreements and the only option for the party is the court to resolve the matter. But now things will change soon.

Haryana Government senior officials already suggested a separate and dedicated body for Gurgaon Gurugram. With H-Rera, the below-listed changes are anticipated to take place in the Gurgaon Gurugram real estate industry –

Developers will have to register any further projects which come under RERA norms with the authority. Projects which are ongoing (i.e. have not received CC (Completion Certificate) in the specified time) shall also have to be registered within the specific time period.

Under this bill, Developer clearly defined net saleable area while selling.

Formation of RWA (Residential Welfare Association) will now be mandatory within three months of possession.

Before RERA, the minimum size of 1,000 sq.m will have to be registered with the authority but now projects on at least 500 sq.m area will have to register with the proposed regulatory authority.

Developers have to deposit 70% of the sale proceeds, including land cost, in the project escrow account and pay interest to home buyers for delays or other violation.

The sentence of three years' imprisonment has been confirmed for all contraventions. In addition, where the builder fails to comply with the regulatory body's decision, imprisonment has been recommended.

Apart from the appellate jurisdiction, buyers can also go to consumer courts. In addition, developers are also responsible for any structural defect up to five years from the date of delivery of the possession. The buyer may also ask after-sales service for 1 year to take ownership of builder in writing in case any deficiency in the project is noticed. This sets the responsibility of one and all and provides a podium to listen to the concerns of the people involved.

Now developer will start to focus on completing their ongoing projects as per the promised timeline rather than launching another one.

Developers now share more technical and financial information about the project such as approvals, plans, building structure, design partner details, landscape partner details, net usable area and much more on the website.

Haryana Government RERA will encourage the right kind of development in Gurgaon Gurugram. It will not only give benefit to buyers but builders, agents by ushering an era of trust and transparency. We will see the start of a revival in real estate soon. Experts say the law will impact prices of real estate transactions. We will see cut prices up to 25 to 30% in Gurgaon Gururgram in next few years. Suraj Realtors Private Limited always with you to help while making real estate transactions.

Thanks for reading my articles. I am a Digital marketing expert have 3 years experience in Digital marketing. I am presently working with modern and Dynamic real estate company Suraj Realtors Pvt. Ltd.