Real estate has been one of the top contributors to the country’s economy or its Gross Domestic Product (GDP). To regularize the unorganized real estate sector the Indian Parliament passed the legislation for The Real Estate Regulation and Development Act created in 2016.
As per the law, all land activities and property operators must enroll with administrative experts of RERA. the act further states that while being enlisted developers are additionally obliged to disclose the name and various points of interest of the approved agents who are allowed to deal specifically with the activities of the developer. The land operator will then be furnished with an enlistment number by the controller which they must disclose in every deal undertaken by them.
RERA makes purchasing property or investing in one hassle-free in various parts of the country. Additionally, to help loan seekers fulfill their dream of buying a house they can avail high-value loan from major lenders such as NBFCs and financial institutions. By simply applying online with basic minimum paperwork to avail home loan based on their individual profile and financial needs.
Failing to register with RERA developers may attract punishments for such resistance. The experts are needed to maintain records and archives of real estate transactions. RERA bars developers or their representatives from making any false claims or furnishing improper information to home buyers on any ground either in written or verbally. While, all recorded and crucial information of the transaction must be shared with the home buyers, at all times.
Additional Read:- RERA: How Real Estate Regulation Act will Help Home Buyers?