It is a dream for many to own a house in Goa. Yet realistically, because real estate prices remain high in comparison to income levels, Buying a house wasn’t as simple as desire of wanting one. If you think it couldn’t get any worse, each developer/builder previously had their own set of standards, and as common knowledge, we know that no standards existed. Every builder followed their own set of procedures and framed the builder-buyer agreement to benefit the builder.
The average person who invested their life savings in real estate had very few rights. RERA was enacted by the government to protect and safeguard the rights of home buyers in Goa and across the country to ensure that they are not taken advantage of by developers/builders. The Real Estate Regulations Act, or RERA, was passed in 2016 to protect home buyers’ rights. RERA’s primary goal is to protect buyers from unfair practices that prevailed in the real estate market.
RERA requires each state to establish a Real Estate Authority and an Appellate Tribunal. In the event that the builder/developer violates the law, the property buyer may file a complaint with this body. It has granted home buyers several rights and established specific laws and regulations that all builders and real estate developers in Goa must follow. Furthermore, RERA establishes specific standards for real estate construction and development that will improve the transparency of real estate transactions. RERA provides new significant benefits to property buyers some of which are listed below:
Resolving Grievances
If the buyer is not satisfied with the construction or has a problem with the flat, They have the right under the Real Estate Regulation Act to file a complaint with the Appellate Tribunal. A case hearing will proceed by the Tribunal within 60 days of receiving the Grievance case files. Furthermore, if the Tribunal is unable to resolve the issues, it is required to explain why.
Right to Information
One of the most important benefits of RERA for home buyers is the right to the property information. As a home buyer, you must be fully informed about the property you are purchasing. When making future decisions, a home buyer can benefit greatly from this type of information. The Developer or Builder has the authority to share all project information, including the Plan Layout. Stages of construction, execution plan, completion status, and so on.
Liability in Default Projects
According to The Real Estate Regulation Act, if a buyer discovers a defect or fault in the construction, quality, or provision of the flat within 5 years of taking possession, the builder must correct the defect within 30 days at no additional cost. The buyer is entitled to compensation if the builder fails to correct the problem.
Payments
A Builder cannot charge more than 10% of the cost of the Flat as an advance or application fee before entering into a sales agreement. This is one of Rera’s most important benefits.
Clearances
Previously, builders may have sold a project without necessary permissions. As a result, home buyers are confronted with a host of challenges. However, this is not the situation under the RERA. All developers, builders, and real estate sales people will be forced to register with the regulator, giving every detail about their projects, and only once the necessary clearance has been verified will they be permitted to sell them. It is advisable to look up RERE registered builders in Goa as your primary research.
Real Estate Prices
RERA, which went into force in 2016, will have a direct impact on the price of a home, land, and the interest rate on your home loan. The RERA law has increased confidence and openness in the real estate industry. Investment in the real estate industry has also increased. All of these factors contribute to the sector’s growth, and increased demand is decreasing prices and, as a result, interest rates on house loans. The benefits of RERA do not stop with homeowners; it also helps real estate developers and real estate brokers in a number of ways. The RERA Act is professionalizing and securing the real estate business for both investors and purchasers.
