In Telangana, the real estate sector was comparatively unregulated due to lack of mandatory RERA registration. It was time to establish rules that would protect the homebuyer’s interest, maintain transparency and accountability among real estate companies. Hence, Telangana State Real Estate Authority’s (TS-RERA) Chairman N.Satyanarayana has made it compulsory for all real estate firms to obtain RERA registration and mention it on all their project advertisements.
He pointed out that it is imperative to garner buyer’s trust as people spend around 77% of their income to buy a house. Keeping their confidence and faith intact is of utmost importance.
This decision of mandatory RERA registration will ensure that the consumer’s interests are guarded and will make sure the builders fulfill each responsibility as laid down by the RERA act. They will also focus on standardizing the construction quality.
Let us explore the advantages of the mandatory RERA registration for homebuyers.
People can file a complaint with RERA in a situation of loss or if the builder violates any provisions of the act. There is complete transparency for all customers in accessing the records of the RERA registered projects and checking details on the website. The communication between the two parties has to be seamless as the companies are obliged to provide every update to their consumers. So, if the delivery of a project is delayed, the real estate firm has to truthfully and diligently owe it to the homebuyers.
A part of the money paid by the homebuyer will be credited to another bank account for the developers to use in their project construction. The entire amount paid by the consumers is protected by the RERA act. In case of project delays or cases where builders fail to comply with a pre-decided agreement, the builders can face penalties which may include liability to pay interest to the buyers on a monthly basis.
Peace of mind
Homebuyers can purchase and invest in numerous properties in different locations of the state with complete confidence. Specifically, Hyderabad, which is certainly a value-for-money destination and a wonderful city to live in. The expanding job market and infrastructural development has also paved the way for an increase in the number of people seeking jobs in the city. People can buy properties with certainty and feel the assurance of their decisions being backed by the law.
In conclusion, businesses thrive when built on the foundation of trust and mutual cooperation. RERA registration is boon for homebuyers and helps regulate the real estate sector.
TMR Group is a RERA registered firm in Hyderabad. We offer gated communities in the bustling yet soothing outskirts of the city, through municipality approved, well-developed and state-of-the-art plots. To know more head to https://tmrinfra.com/