RERA, or the Real Estate (Regulation and Development) Act brought along major changes to the operations and functioning of real estate. Earlier, a common civic body oversaw the workings 0f real estate, but with the implementation of this major reform, this sector has developed a more uniform and transparent structure that favors consumers and their interests.
Here is a list of changes that have come into effect after May 1, 2017 with the implementation of RERA:
Easier Loans for Home Buyers
The reduction in lending rates following demonetization combined with the state’s efforts for affordable housing has added to the smooth functioning of the Home Loan market after RERA.
RERA has brought in more transparency into real estate- developers now have to maintain clarity in every step they undertake for a project to keep the buyers well-informed.
More Regulated Activities
Activities within real estate have become increasingly regulated after implementation of this act and both parties (developers and buyers) are more protected now.
More Streamlined Fund Allocation
RERA ascertains that the funds for a particular project stays dedicated to that project only- this also ensures timely completion and possession.
This act has increased accountability within construction projects at all stages. This has further helped in curbing mismanagement of any form.
A Few Changes Expected to Arrive with RERA
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.