Real estate is known for its vast contribution to the Indian economy. It is a well-known sector of the Indian economy for all the right reasons, but nobody knows what hindrances are at play behind the scenes. There are a number of challenges that the dealers face, like delays in projects, lack of communication or transparency, fluctuating income, unrealistic expectations, etc.
Hence, to reconcile this issue, the government of India introduced the Real Estate Act(2016), also known as RERA. This act helps to repudiate all the unwanted hindrances faced by the dealers. The RERA-approved projects in Lucknow play a crucial role in a lot of things, like:
- It establishes accountability and transparency
- Make sure no delays occur in the projects
- It creates a sturdy resolution process
One significant thing about this act is that every state in India has its own set of rules and authorities. And every agent is required to register the required data on the official website of RERA for the convenient sale and advertisement of their project.
Viraj Constructions Properties in Lucknow are RERA-approved, ensuring complete transparency and trust. With this approval, homebuyers can invest with confidence, knowing their dream home is backed by legal compliance and credibility.
Benefits of RERA for buyers:
- Enhanced Transparency: The Act mandates developers to share clear and comprehensive details of their projects, covering plans, approvals, and timelines, ensuring transparency and empowering buyers to make informed decisions.
- Fair calculation of measurements: The act ensures the measuring practices and enables buyers to pay for the same measurements. This rejects the chances of overcharging the buyers to pay if an extra area is covered. The ready-to-move properties in Lucknow are the best way to go!
- Clear accountability: It hands over the whole development responsibility to the developers to take accountability for commitments, quality, and amenities.
- Financial security: It establishes financial security for the buyers as it allows them to deposit more than half the percentage of the amount in the escrow account to make sure that every penny deposited by the buyer is being used for construction purposes only.
- Timely deliveries: When signing projects that are RERA approved, you are catered with the benefit of on-time deliveries of projects. You don’t have to face the problem of project delays as the act mandates the developers to fulfill their commitments.
Benefits of RERA for Builders:
RERA doesn’t just prove to be beneficial for buyers, but opens up numerous benefits for the builders, such as:
- Builds Trust: When builders register their projects under RERA, a government-generated act, it helps establish trust and keeps everything as transparent as possible, which ultimately benefits builders by attracting more buyers.
- Fair competition: When everything is done under the governmental guidelines, it elevates the chances of a fair competition for every builder. Anyone who works better and delivers ravishing residential property in Lucknow or more will get a fair chance of standing out in the competition.
- Sturdy resolution process: RERA enables the builder to pacify any conflicts through the convenient authorities of RERA rather than having to go through the whole strenuous process of court battles.
- Shield from deferred payouts: It enables the builders to cancel the bookings or deals if they find the buyers are making any unnecessary delays in the payments.
RERA works as a shield for the buyers as well as the builders so that no misinformation is delivered, no party from either side has to face any hindrances or discomforts, and it keeps the whole process of construction and communication as comprehensive and direct as it can be.
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