BrokersADDA
by on June 1, 2018
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The government had introduced RERA to address the grievances of home buyers and give them a protective shield against the frauds committed by real estate developers. The Act made it mandatory for the builders to disclose the details of the project, promoters, status of the land and clearances to the home buyers on the RERA website. If there is any disparity, the builders are subject to a penalty up to 5% of the estimated cost of the project.
Surprisingly and unfortunately, home buyers for whose benefit all these provisions are made, do not have much awareness about the same. In a recent poll, it was revealed that 74% of home buyers do not know that it was mandatory to a real estate property’s compliance status online on RERA website. They even lack knowledge about how to go about checking these details!
“For a law which is aimed at protecting consumer interest and promote fair play in real estate transactions, this is a poor number,” says the poll report.
One of the reasons for this unawareness can be attributed to the fact that 15 states are yet to set up RERA authority and website. Consequently, customer awareness is on the lower side. On the contrary, the states which have proactively registered the project details online have witnessed considerable traffic of home buyers checking the compliance status. The real estate developers in Maharashtra and Madhya Pradesh, which were the first states to launch RERA portal, post up-to-date information regarding project approvals, stages of construction and other related details.
While the government is making efforts to implement RERA across the country, the progress has been slow. The entire real estate community comprising government authorities, developers, brokers and customers have to come together to follow the property buying cycle.
As a broker, you must also know the process of checking project details on RERA website so that you can guide your customers appropriately. In fact, customers also have a right to make a complaint to the authority if the project is not registered on the RERA portal. The developers who are registered with RERA have to display their registration number on advertisements. This number can be cross-checked on the RERA portal.
Next time you interact with any customer, make them aware of RERA compliance check process.
Posted in: Real Estate
Topics: rera, real estate