RERA boosts realty market in Gujarat

RERA or Real Estate Regulatory Act recently came into play from the 1st May throughout the country that includes Gujarat as well. Just think about those multiple movie scenes which showcase a middle-class family making an investment in the real estate property in the hope that they get good in the future. But eventually, they become the dupe by the builders with lakhs of rupees along with no property also big financial burden on them. Well, reel life is inspired by real life experience, but thankfully, no more this will be the scenario as the Real Estate regulations are now mandatory. Even when the Act came up in 2016, it started implementing from May 2017. After years of observation with the main agenda to remove woes associated with property transactions, the law was at last implemented. The retail property buyers are often the one that had imbibed the consequences when the real estate transactions went bad. In cases of sealed guaranteed property due to legal clashes, delayed delivery or modification in building plans or design, it was always the buyers who had to make the compromise. Even it was not very unusual for the developers to use the fund received from one project to a lucrative one thereby leaving the buyers in big trouble. All the projects that are launching after 1st May need to register with appointed tribunal with few exceptions when they offer the blocks or sale. Many balances and checks are laid that assure project’s authenticity. A proper layout plan along with scheduled completion is compulsory which needs to be updated on the website of RERA. Most importantly, total 70 percent of the entire advance needs to be properly maintained in a separate bank account which can be only used upon agreed project construction. This is an assurance for buyers as well, as it guarantees no plan alterations or other associated risks. As said by the director of Vihav Realty Private Limited, Mr. Kunal Arya that RERA is a very good step for the clients. However, the entire thing depends on how properly RERA is implemented in the places. He also adds that primarily it might be troublesome, but the guidelines provided by RERA ensure genuine buyers and developers. This Act will definitely bring a great change for the real estate sectors. In the case of any dispute, it will be the duty of tribunals to look at the circumstances and ensure quick justice. The first state is Gujarat that is notified about the rules of RERA. Complying with the rules and regulations require getting accounts for the promoters associated with this scheme which will be audited within a span of six months post the conclusion of the financial year by any CA. This RERA ACT will eventually give huge authority to the Government along with ensuring buyers “No Bad Dream.”

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Arihant Jain
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