Expertises

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.”

More Writing Samples by this writer

Here's Taking A Look At Jain Nagar, One Of Ahmedabad's Most Pristine Areas
Ahmedabad, a cliquey area in India, which is the home to the peaceful Jain community. It imbibes the principle of doing for others just like the way you would l...

More Writing samples for Real Estate Industry

Introduction
Dear Potential Client, My name is Sahil Kakkar, and I am a part time freelance web content writer based at Delhi (New Delhi, NCR, India) specializing in Web co...
Exciting Activities We TriP-In-fLy Provides
Zorbing ball:- “ Roll On the Water or the Slope” Rolling down a hill in a transparent huge ball can turn your world upside down for few minutes, but it is ...
plus size prom dresses
So ,What brings you here? A special evening on the way , right? But if you are worried about not getting “your size” ,then babe , believe me ,you are at th...
Real Estate BOOM & DOWNFALL
Real Estate at one point in time considered the most lucrative money making industry has seen a great downfall due to the increasing property litigations, some ...
A glimpse
http://archive.financialexpress.com/columnist/garima-pant/1
Arihant Jain
I am really interested in writing contents. I am a software engineer and have keen interest in writing.