Looking forward To Buy Luxury Projects In Bangalore? Know Your Rights As Per RERA Act

In 2016, The Real Estate Regulatory Authority (RERA) was set-up under the Parliament act with an aim to protect the interest of homebuyers. Often, the buyers come across a situation where they have to deal with malpractices by developers while buying a residential or commercial property. With RERA act, the real estate developers have to follow all rules and guidelines while constructing Luxury Projects In Bangalore. If developers fail to adhere the norms, they have to pay heavy fines and penalties.

Here are the various benefits for buyers under RERA Act;

• Builder can’t delay the possession of the property

If the builder delays the possession, the buyer has the right to withdraw from the project. In this case, the developer has to give a full refund to the buyer. Moreover, if buyers want to continue with the project despite being delayed, the buyer will be entitled to compensation with interest from the due date of project completion since the project does not complete.

• Builder can’t charge for excess Area

The buyers have to pay for carpet area which means the net usable area of an apartment excluding the area of exterior walls. Earlier, the carpet area was not defined. This is why developers had their own methods of calculating the carpet area. Under RERA Act, the area covered by external walls does not come under the carpet area. These areas include balconies, lobby, service shafts, balconies, common spaces, and open terrace.

• Builder can’t invest your money in other projects

Earlier, developers used to use the fund raised from the project to other projects. Under RERA act, the builder is liable to deposit the 70% raised fund for the project in a separate bank account.

• No false promises by the builder

Earlier, developers used to give false promises through the advertisement. Under RERA act, now the developers should have RERA registration number on the advertisement. The developers have to give the right information in the advertisement.

• Builder will be responsible for any defect in construction

If the buyers find any defect in the construction within 5 years after the possession, then the developer has to rectify the defect within 30 days at no extra cost.

• Builder can’t take 10% cost of the property as an advance payment

The buyer is liable to give 10% cost of the property of the apartment as an advance payment under the RERA act. Alongside, the builder should have all clearances before selling the property.

• State Authority is set-up under RERA to resolve your grievances

To resolve and address the grievances of the buyers, the State Authority has been set-up under RERA. If the buyer is not satisfied with the order of State authority, then they have the right to appeal in Appellate Tribunal who will resolve the grievances within 60 days.

Real estate industry in Bangalore is quite bigger as the city is expanding. Sobha being a recognized builder has offered a good real estate investment option in Bangalore. The company has come up with luxury villas in Bangalore that are packed with modern amenities that you expect with the luxury property. So, if you are considering luxury projects in Bangalore, then contact Sobha or visit the website of the company.

Sobha - top leading real estate player in Bangalore. India's fastest growing real estate/construction entity with a presence across Bangalore, Ncr, Chennai, Pune, Thrissur, Coimbatore, Cochin, Calicut & Mysore.