Purging the real estate segment: How RERA effectively weeds out problems in the sector
Owning a home is a dream for most of the people. However, it is not possible for everyone to own one as the increasing prices and trust factor is a concern for many.
Some realtors have their own norms and there are no proper building standards at times. Several cases have also been highlighted till date of unethical practices that favour the developers as per the builder and buyer agreement.
To safeguard the interest of buyers and prevent their life long savings from vulnerability, Real Estate Regulatory Authority (RERA) was established under the Real Estate (Regulation and Development) Act, 2016 for the sake of buyers and reducing the chances of builder to be declared bankrupt, along with boosting the trust of home buyers.
Modi Builders, a real estate company in Hyderabad, is a trusted name in the industry offering RERA registered projects with exceptional amenities and security features.
Hyderabad’s leading builders are becoming quite popular among the buyers due to the quality of lives they offer in their houses for sale in Hyderabad. RERA registered and promising projects like Elegance in Kukatpally, Sterling Heights in Kompally, Golden County, and Edifice ensure complete right to information by providing all the necessary details.
According to RERA, as an advance, builders cannot demand for over 10% of the price of apartment, villa etc. before the agreement of sale. RERA Act completely forbids the unaccounted money to be invested into real estate and 70 per cent of the money is required to be deposited in bank accounts through cheques only.
Industry experts at Modi Builders say, “We have always worked for saving the interest of buyers and we are happy that our projects are enrolled with the agency. Our potential buyers are satisfied as we always quote the prices based on carpet area not super built-up area. Additionally, the carpet area is also described in the Act that states to include usable spaces like kitchen and toilets.”
Whether it is an independent house for sale in Hyderabad or apartments, RERA registered projects are always beneficial for buyers to ensure safe investment of their hard-earned money.