RERA is finally showing its true colour and doing what it ought to do; deliver houses on time and be of promised standard quantity without any inherent deficiency or worse conditions that may come after years.
As per news reported, just because of coming of RERA, delivery of houses in 9 cities has increased to 33%. A major breakthrough in the industry.
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Approximately 1,44,000 houses were handed over in Jan 2017 in comparison to 1,93,000 in Jan ,2018.
Clearly way ahead of the previous stats.
Property consultancy firm JLL confirms that more than Rs. 24,000 crore has been invested in the real estate market in past 6 months.
Just because of the influence of RERA, the house buying activity has increased by 25%. This trend is despite of the fact that rate of interest has increased by 0.5%.
The top most 3 hit provisions of RERA are :
1 Equivalent rate of interest for builder and buyer as penalty in case of default.
2 The builder can’t use the money of one project in another as it is maintained separately.
3 In case of a delay, buyer can move out and seek refund of the entire amount with interest.
Mumbai tops the chart when it comes to taking delivery of houses among Noida, Bengaluru, Gurugram, Pune, Ahemdabad, Hyderabad, Chennai and Kolkata.
As per reports by Proptiger.com, builders are now more inclined to finish the current project rather procuring money for future projects which was the case earlier.
Undoubtedly RERA has improved the market sentiments of a buyer and brought back the confidence of investing in housing projects.
The coming festival season promises more. Stay with us in bringing latest and most current updates on RERA.
For any legal advice on consumer matters related to delivery or delay in possession of a housing project covered or not covered under RERA Punjab at Mohali or RERA Haryana at Panchkula (HRERA or HARERA) , Please dial 7888-356908 for LegalSeva.
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