If you’re visiting this post for the first time then just glance over my previous post about the basic information of RERA. Whether you are going to buy a property or a land you should be aware of RERA act. Because it is indispensable for all the property developers. In this post, I have covered the major benefits of RERA to property buyers.
Plus I have added some latest news and list of TNRERA certified projects
Let’s dive in
The Government will always introduce a law only for the benefit of the people. Likewise, TNRERA came into force to revive and to enhance the transparency in real estate sector which would really help people.
In other words, this commencement will surely enable a space for you I mean property buyers to share their grievances so that the government will look into that matter.
Need I say more
Then stay with me
Frankly, I am by no means an expert in this field but I just listed some common benefits of RERA for you(HOME BUYERS)
Payment for carpet area only – Your so lucky because according to this law you will have to pay only for carpet area and not for super- built-up area so that you can get only for what you paid. Sounds good right?
Escrow account – Initially, builders have to transfer 70% of total Amount to an Escrow account which they had collected from all home buyers so that we can make sure that builders will not use that amount for any other projects.
Project clearances – Here’s the important part builders necessarily should register their projects with their state regulatory so that builders will get proper clearances before selling the projects.
Builders will impart details to you – Additionally, they should impart all the projects details to you including project plans, layout, floor space index(FSI), number of flats, carpet area etc,. It will prevent you from builder bankruptcy and real estate scams.
Five year warranty – Another benefit is five-year warranties. In case of any structural defect in building within first five years from the possession of the home then builders have to rectify it at free of cost within 30 days.
More options for you – Now You might be thinking like this what if I notice any mismatches in the commitment made by the builder for my dream home before the completion of the project? Don’t worry there is an option for you to withdraw from the project also you can avail the refund that you paid as advance payment.
Grievance form – TNRERA website is provided with grievance form which will help you to file complaints against builders regarding a delay in possession of your home or non-delivery of your home on the completion date.
Only 10% advance payment- Hereafter don’t worry about advance payment because you will have to pay only 10% of the total cost of apartment or property
I hope that this information is scratching below the surface
Apart from these below, I listed few leading TNRERA certified builders which were suggested by experts and I added some of mine Samridhi Luxerique
Also, be aware of the news regarding new TNRERA certified projects
This year 28 new housing projects have been registered with TNRERA which are situated in Coimbatore, Chennai and Kancheepuram districts.
Eventually what it means is when you plan to buy new villas, house or property please make sure that the respective property builder is certified by TNRERA. Don’t let real estate scamsters to ride roughshod over you.
Did you find some useful information from this post? I bet you would have something to say.
Let me know in the comments.