The enthusiasm to shift into a new house sometimes cools down with the discovery of certain construction defects in your new home. However, it’s a rare-to-zero occurrence phenomenon with Trimurty projects.
Until the advent of RERA (Real Estate Regulation and Development Act, 2016), came into the picture, there was no way forward for such home buyers to convince unscrupulous developers to fix the defects.
Most of them would have to get the job done on their own, even as they felt betrayed by the developer. In a nutshell, all this points out to the trust deficit between the home buyer and the developer.
But now, the new legislation aims to bridge this gap and find buyers a concrete solution.
Introducing the RERA – Real Estate Regulation and Development Act
Let us now understand what RERA brings to the table –
- According to the Real Estate Act, a developer will be liable to fix any defects that may be brought to his notice by a home buyer until five years after the possession is granted. The developer can not charge any amount for it.
- The developer will have to fix the problem within 30 days. In case the developer fails to comply, a home buyer will be eligible to get a compensation under the Act. Earlier, in their sale agreements, many developers used to keep the period for fixing defects to as low as two years.
Obviously, home buyers are celebrating this provision. As developers are concerned, the fair players in the game like us are all praising the change.
Mr. Anand Mishra, Director of Trimurty Builders, believes the move is expected to weed out non-serious players from the market. The misdeeds of a few earlier brought a bad name to the entire fraternity.
Further, he believes that RERA would encourage other developers to maintain the quality of their constructions at the initial stage. A five-year period is a long time, and frequent complaints by buyers would cost developers not only money but also their brand image, he adds.
Final Words
The RERA clause may go a long way in improving the health of the sector and pushing real estate towards a growth path by creating an amicable environment, where home buyers would not have to worry about the walls of their recently bought houses falling apart.
Frequently Asked Questions
1. What is RERA, and how does it benefit home buyers?
RERA is a real estate law/act that ensures transparency for home buyers by holding developers accountable for quality and timely delivery.
2. What if a developer doesn’t fix defects on time?
If defects aren’t fixed within 30 days, buyers can claim compensation under RERA.
3. How does RERA affect developers?
RERA helps in building trust in responsible developers by enforcing strict regulations and penalties.