Is it a high time for Indian real estate? Will the buyer be benefitted?May 11, 2023
From last few years, Indian real estate market is going through a tough time for both buyers and sellers. Several unscrupulous developers are making fool of the buyers by misleading them with the false deals. They are running their own policies which are somewhere benefiting the sellers only. Seeing this, real state regulatory bill comes as a savior for both buyers and sellers. Now, the real estate regulatory bill have decided to maintain an apex body which will regulate complete activities of the real estate market and pose as a threat to those corrupted builders.
The new policies laid down by the real estate regulatory bill are subjected to maintain the uniformity between the buyers and sellers and propounded enough to make a beneficial journey for both of them. On the track of controlling the false deals and making the deal for the builder flats in Burari benefitted for the buyer, the bill has come up with certain major developments. Let’s have a look.
Clear look up: Prior to the changes in the policies, several buyers complain of booking a flat with a builder in pre-launch segment, which comes out to be un-approved with the regulatory authorities later. This time, the pre-launch of the projects that are lacking behind on grounds of taking approvals from local authorities and regulator registrations, are strictly aborted from the list. According to the new rules, developers have to disclose complete details of all approval status and completion time frame to the customer, before any pre-launch.
Timely possession: most buyers face the tragedy of delay in completion of the project, in which they have made the bookings. As per the new rules, developers need to park out a fixed amount to the project funds which entails on completion of the project on time. The collection of the fixed amount will ensure timely construction and act as a savior in any unseen circumstances.
Don’t’ pay additional charges: prior to the bill, developers charge the buyers with the super built-up area of the building and not with the carpet area. But now, things have turned. Now, the developers will charge the buyer according to the carpet area and cannot levy the additional charges for common areas.
Get all that is promised: most builders promised several amenities with the property which they often rejected once the finished product is delivered. Now, developers are at risk of misleading the buyer with the false statements or representations made during the showcase of the product. Now, the developer has to return the money back to the buyer if some misleading is seen in the project deal.
With the new policies and changes done in the real estate regulatory bill, buyers can now be at ease on getting the fair deal in terms of buying the desired property. The changed rules will now bring on the parity between the buyers and sellers and pose on to bring a fair deal for the buyer looking for builder flats in Burari.