IMPACT OF RERA ON INDIAN SOCIETY
Advocate Kamal K Anand gives an overview of the Impact of RERA on various sectors
• In case the builder doesn’t adhere to the RERA regulations, he will not only lose on the registration of the project, but can also face imprisonment for up to 3 years.
Impacts on Buyers
• There will be more accountability and compliance from the developer’s end as RERA renders brokers, agents and developers punishable if they do not comply and abide by the regulations.
• Home buyers who use the services of real estate agents or brokerage firms will be protected. Under RERA, agents and brokerage firms will have to ensure that they are duly registered with the Regulator. They will be accountable for their business activities and practices.
• Each state will have regulatory bodies as appellate tribunals to resolve disputes between builders and buyers within 60 days. Once the pending complaints get resolved, and we have the systems in place, we are sure that the future complaints will reduce in number.
• The push towards timely delivery is possibly the biggest benefit for homebuyers because non-delivery of projects has been a major concern.
• The buyers who have invested in real estate projects can secure interest at SBI lending rate + 2% per annum for delayed possession.
• The buyers will be in a better position to seek softer loan terms from the lenders now. As of now when the home loan interest rates have come down considerably.