Many NRIs wish to have a property back in India due to various reasons including wanting to have roots back in the country they were born. The Indian real estate market has been very kind to such NRIs who wish to purchase properties in India. While some of them only wish to upgrade their existing property so that they can provide better lifestyle to their parents, some of them go aggressive on having a beautiful property built where they plan to live after relocating to India. The Real Estate Regulatory Authority or the RERA has had significant impact on such property investments for NRIs and here's all you need to know about it. Read on!
Many NRIs often back out from their plan of buying a property in India due to the non-transparent and fraudulent activities done by many real estate agents in the past. The lack of standardized processes for buying properties, untimely completion of projects done by local constructors and the non-availability of legal recourse for property buyers are the major reasons behind NRIs backing out from buying properties in India. However, RERA has made significant changes in the way real estate operations happen and is trying to regain the confidence of NRIs looking to invest in India. This blog is an overview of how RERA is going to transform the real estate industry in India
One of the biggest reasons behind NRIs backing out from investing in real estate properties in India was the lack of transparency exhibited by the property owners or real estate agents. The days when builders concealed relevant information regarding the property space or the project completion details are gone for good with the RERA Act. RERA has now made it mandatory for all property builders to publish relevant information about the property on their website including the number and types of home available for occupancy, layout plan of the construction, status of the title and so on. This step of making it a mandatory rule to remain transparent by publishing all the relevant data online is a great news for all the NRIs out there dreaming about buying their property in India.
In a pre RERA scenario, property buyers often felt disheartened due to the untimely delivery of projects. The builders often delayed the completion of their projects at hand either because they re-routed the funds that were allocated for completion of a particular project to other projects as an advance or they sold the projects without obtaining the required permissions from the government. Post RERA, such fraudulent acts have almost reduced to zero as RERA has made it mandatory for builders to deposit 70% of the money collected from property buyers in a separate bank account and the usage of such funds is strictly restricted. Thus, the NRIs can now rest assured about the timely delivery of their real estate properties.
Pre RERA, many unscrupulous builders often deceived property buyers by specifying flowery property area including the common areas like balcony, terraces and the verandas as part of the overall layout. The result was that many owners ended up with properties much smaller than the portrayed picture. Post RERA, there have been regulations which makes it mandatory for the builders to specify the exact property area by providing the break-up of carpet area, balcony area, bathroom area and so on.
Delays in the completion of building projects was a common deal pre RERA and the builders often easily got away by giving lame and weird excuses and investors were almost always on the losing side. Post RERA, such issues have significantly decreased due to the clause that builders will now have to to pay huge penalties for delays caused. This particular clause has made builders directly responsible and more importantly accountable to customers.
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