Empowering Homebuyers: Understanding RERA and Our Commitment to Transparency
Introduction:
At Horizon Promoters, we believe in transparency and accountability to our valued homebuyers. In our commitment to providing not just homes but a secure and fulfilling living experience, we ensure that all our projects are registered under the Real Estate (Regulation and Development) Act, commonly known as RERA. In this blog, we aim to shed light on what RERA is and why it is a crucial aspect for homebuyers.
Understanding RERA:
The Real Estate (Regulation and Development) Act was enacted in 2016 to bring about transparency, accountability, and efficiency in the real estate sector. RERA safeguards the interests of homebuyers by ensuring that developers adhere to a set of guidelines and standards.
Key Advantages of the MahaRERA Act.
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Standardisation of Carpet Area: MahaRERA ensures a consistent definition and calculation of carpet area, safeguarding homebuyers from any manipulative practices by builders.
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Transparency in Information: Homebuyers have access to comprehensive information about the project, promoting transparency and informed decision-making.
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Financial Security: The requirement for developers to deposit funds in an escrow account provides financial security to homebuyers, assuring them that their investment is being utilized for the intended project.
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Timely Possession: RERA ensures that developers stick to the project completion timelines, reducing the risk of delays in possession.
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Quality Assurance: RERA encourages developers to maintain the quality of construction, ensuring that homebuyers receive a property that meets the agreed-upon standards.
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Uniform Interest Rates: The Act establishes a uniform interest rate for both homebuyers and builders, addressing payment defaults or delays in completion/possession with fairness and equity.
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Mandatory Deposit and Project Funding: Builders are mandated to deposit 70% of the project funds in a dedicated bank account, exclusively allocated for project completion. This provision significantly reduces the risk of builder insolvency and bankruptcy.
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Limit on Advance Payments: Homebuyers are protected by a cap on advance payments, set at 10% of the total property cost before signing the Sale Agreement. This limitation ensures transparency and prevents overpayments.
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Structural Defect Rectification: In the event of structural damage or defects identified within 5 years of possession, builders are obligated to rectify the issues within 30 days or compensate the homebuyer appropriately.
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Options for Delayed Completion: Homebuyers facing project delays have two viable options: they can choose to withdraw and receive a complete refund or opt to wait for completion, receiving compensation in the form of interest accrued from the pre-decided due date to the actual completion date.
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Title-related Compensation: If title-related issues surface at any point after possession, homebuyers have the right to claim compensation from the builder, providing an added layer of protection for their property rights.
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Right to Information: Homebuyers enjoy the right to access information about the property at any construction stage. This proactive approach promotes transparency and empowers buyers to make well-informed decisions.
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Grievance Redressal: The MahaRERA Act facilitates a structured grievance redressal mechanism, allowing homebuyers to file complaints against builders. This ensures a fair and efficient resolution of issues through the established authority under MahaRERA.
Conclusion:
As a responsible and customer-centric real estate developer, Horizon Promoters recognizes the importance of RERA in fostering trust and transparency in the real estate sector. Our commitment to RERA compliance is a testament to our dedication to providing our homebuyers with not just homes, but a sense of security and peace of mind. When you choose Horizon Promoters, you choose a partner in your home buying journey who values your trust and prioritizes your well-being.
