The property buyers of India are in sheer sorrow due to the difficulties presented by the promoters and the real estate agents. There is numerous complaint against the promoters. We are not talking about every promoter or every real estate agent by everyone knows that there are some people who are not being honest. Due to their unending greed for money, the innocent buyers have to suffer. There are many cases registered where we can find that a buyer looking for a home for his family has to spend his time complaining against the builders. These complaints come in regards to late possessions of apartments by the promoters, unreasonable charges, change of plans etc.
Due to the endless complaints, the Real Estate Regulatory Authority Agency has taken the matters into its own hand and has formulated an agency known as RERA (Real Estate Regulatory Authority). RERA has brought some milestone changes regarding the laws in real estate sector of India. The wholehearted commitment of the government into maintaining fair play in the property business has come as a big relief for the buyers. Apart from the buyers, the promoters and the real estate agents who go by the government norms, but have to suffer from the spread of bad word against them due to some ill practices by some promoters and real agents, also will feel happy and relieved.
AIREAA is a portal made to make a healthy relationship for the promoters, agents and the buyers. It is very necessary that these three bodies work in tandem and help each other as the real sector of any country is its right arm regarding its economy. Apart from informing the promoters about the new guidelines, they have to follow and their functions in order to maintain a just way of purchasing and selling a house. We are also trying to make the real estate agents more efficient and customer-friendly so that the communication gap between a buyer and a promoter cannot lead to major issues and problems. All this will be done so that a buyer never feels cheated again.
RERA has set up some fundamental functions for the buyers which are laid upon as their rights.
- A buyer is entitled to know all the plans of a real estate project in detail. He has the right to know the stage-wise completion of the project which includes the amenities as well.
- A buyer is entitled to claim a written possession of his house and the common areas which he is entitled to as a member of the project. He has the right to get all the documents regarding the project.
- A buyer has to pay the amount he has signed the agreement in the court. He will have to pay interests if he delays the payment. However, a promoter has to pay the same interest to the buyer if he delays his project or if he has not been able to provide what was said in the agreement.
- The buyer should participate in forming an association after taking the physical possession of his house. He should also be active on the website of RERA India so that the flow of information can be maintained. His participation towards the deed of the apartment can be beneficial for other buyers.
Moreover, the establishment of RERA with those of Central Advisory Council and the Real Estate Appellate Tribunal will work to enhance the real estate market of India, bring the buyer confidence back and penalise those promoters and real estate agents who work unethically.
RERA has designed these functions in their bill. Our team has done thorough research on the Real Estate Regulatory Bill as we know that there are many instances where a common man does not know that there are many rights and functions in the law that can help them win any case if they are right. The problem with us is that we get afraid by listening to stories about corruption from the government and the promoters. But, one must understand that these are only some people. The majority of the people still have faith in honesty. Thus, we request our common man to know their right and functions properly so that tomorrow no one can cheat them. For the promoters and the real estate agents, we think that if all the good ones can come to one side, then it will be easy for the government to capture the outlaw. For this, adhering to the guidelines set by RERA is very important for everyone.