The Impact of RERA: Weeding Out Non-Serious Developers and Ensuring Customer Satisfaction
Team Opulnz Abode – 1st Jun 2023, 5:00pm – Read Time: 2mins
The introduction of the Real Estate (Regulation and Development) Act (RERA) has brought about a transformative change in the realty sector. This article explores the profound impact of RERA on weeding out non-serious developers from the market and emphasizing the importance of delivering projects on time and ensuring customer satisfaction.
1. Promoting Transparency and Accountability
Under RERA, real estate developers are required to register their projects, providing comprehensive details about timelines, financial disclosures, and specifications. This transparency ensures that developers are accountable for their commitments and provides homebuyers with accurate information for making informed decisions.
2. Eliminating Unscrupulous Developers
RERA has successfully weeded out non-serious developers who previously tarnished the reputation of the real estate industry. With the stringent regulatory framework in place, developers must comply with the provisions of RERA to operate in the market, thereby creating a level playing field for trustworthy and committed developers.
3. Ensuring Timely Project Completion
One of the primary objectives of RERA is to address the issue of project delays. With the introduction of mandatory registration and the establishment of regulatory authorities, developers are compelled to adhere to project timelines. This focus on timely completion instills confidence in homebuyers and reduces the risk of prolonged wait periods.
4. Empowering Homebuyers
RERA empowers homebuyers by providing them with a mechanism to seek redressal for grievances. The legislation establishes Real Estate Appellate Tribunals, ensuring a fair and expedited resolution of disputes between homebuyers and developers. This increased consumer protection fosters trust and encourages more people to invest in the real estate market.
5. Escrow Account – Safeguarding Homebuyers’ Interests
To protect homebuyers from financial irregularities, RERA mandates that developers deposit a certain percentage of funds received from buyers into a separate escrow account. This provision ensures that the allocated funds are solely used for the development of the specific project, minimizing the risk of fund diversion and safeguarding the interests of homebuyers.
The introduction of RERA has brought about a paradigm shift in the real estate market. By weeding out non-serious developers, promoting transparency, and emphasizing timely project delivery, RERA has instilled confidence among homebuyers and fostered a customer-centric realty ecosystem. The legislation’s focus on accountability and customer satisfaction has set new standards for the industry, ensuring a more reliable and trustworthy experience for homebuyers.
Opulnz Abode promotes grade A+ developers projects only which comply with RERA and follow all the norms of the authorities.