Why Should You Buy Only RERA Approved Projects in Bangalore

What is RERA

The Indian real estate sector was very unorganized until a few years ago. To safeguard the interest of buyers, the Indian government implemented RERA or the Real Estate Regulations Act in 2016. Investing in RERA-approved properties in Bangalore is a safe option.

Why RERA is important

The aim of RERA is to provide relief to home buyers from unscrupulous builders and protect them from any unnecessary delays and problems in construction quality. The Act is meant to protect the interests of home buyers and investors and promote transparency, efficiency, and accountability in the real estate sector.

What are the Benefits of RERA

RERA has many advantages for buyers and investors -

1. Promotes transparency in dealings

The RERA Act has made it mandatory for builders to maintain total transparency in the information provided to the home buyer. The buyer has to be informed about every single, major and minor aspect of the project.  

2. Safeguard against unscrupulous developers

Developers have to take consent from home buyers in case they are making any changes in the project like changes in design or other structures.

3. Builders can charge extra for excess area

As per RERA builders cannot charge homebuyers for both, the built-up and the super built-up area. Buyers only have to pay for the carpet area and builders cannot charge home buyers for the super built-up area which includes the elevator, the stairs, the lobby, the balcony, etc. 

4. Protects against project delays

It is mandatory for builders to complete projects within the promised time frame. Any default in delivery and the developer is required to pay an interest rate of 2% above the lending rate and also potentially face a jail term of 3 years for project delays.

5. Ensures quality construction

Under RERA, the government has laid emphasis on the quality of construction, which has been a major concern for home buyers. Under RERA, a building should be free of any kind of structural defect and in case any defects are found, the developer can be penalized.

Some RERA Approved Projects in Bangalore

Some leading RERA approved projects in Bangalore are Codename Jakkur Gardens, Brigade Neem Grove, and Casagrand Boulevard. Investing in these properties is a good option and will safeguard your investment. Bangalore, the Silicon Valley of India, is one of the best investment destinations in India.

For more information - https://www.360realtors.com/property-in-bangalore-mcid-4

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