Regulations are essential to protect the interest of the business parties, especially in the booming real estate segment that goes through demand surges, technical developments, and architectural growth. So, RERA (Real Estate Regulatory Authority) was established to ensure transparency and protect the interests of home buyers looking for plots for sale in Chennai. This blog will highlight the needs and benefits of choosing RERA approved projects.
Here is why RERA approval is important for buyers.
Client protection: RERA approval ensures that the project is on par with quality standards, protecting buyers from dishonest builders or substandard construction.
Transparency and accessibility: RERA decrees that developers provide comprehensive project details, which include developer details, layout plans, financials, timelines, and legal approvals. This will help buyers to make informed decisions based on dependable information.
Delivery timelines: RERA demands strict guidelines for project completion dates to reduce the risk of delays. Real estate companies in Chennai will be held accountable and asked to compensate for any delays.
Dispute resolution protocol: RERA Chennai established an efficient dispute resolution mechanism by arbitrating officers and appellate tribunals, to resolve conflicts quickly and fairly between buyers and developers.
Benefits of RERA guidelines
- RERA Chennai, brought regularisation of carpet areas, so promoters will not be able to quote escalated carpet areas nor sell based on super built-up areas.
- It mandates registration of every real estate project, and builders must deposit 70% of the collected funds into a discrete escrow account.
- Any advance payment to builders from clients cannot exceed 10% of the project’s cost, so buyers will have time to source funds.
- RERA approved projects demand complete disclosure and transparency of project details from the builder/promoter.
- The builder must rectify and compensate for quality issues or structural defects in the property within five years of possession of the buyer.
- Both buyer and promoter are liable to pay the same interest amount in the event of delayed payment or handover respectively.
- Buyer(s) consent is mandatory to make changes to the project design/structure.
- In the event of a discrepancy in the project terms, the buyer can refuse to accept the property, get a full refund of the advance amount, and claim compensation for defects in the property title.
Elephantine Enterprises is one of the eminent real estate companies in Chennai offering sustainable homes at prime locations in the city. Their past and ongoing projects are proof of their credibility, customer-centric approach, end-to-end support, seamless documentation assistance, RERA-approved projects and state-of-the-art design & techniques encompassing residential and commercial plots for sale in Chennai.
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Hence there will be a lot a development is on the way and very soon it will become the centre point of the business and development.ARE RESIDENTIAL PLOTS WORTH INVESTING IN?Residential plots are the best choice to invest instead of investing in the properties.
Reputed developers are constructing new ventures in Yadadri which is perfectly suitable for the residence purpose as it is constructed with the BT roads which provide great space and comfort, DTCP approved layouts with clear titles that avoid scams and other land-related issues.BEST VENTURES IN YADAGIRIGUTTA – S V RESIDENCY PHASE VI BY VISHWADHARINI DEVELOPERSIf you are looking for land for sale in yadagirigutta, S V residency phase VI is the best venture you can trust and go without any thought...YADADRI – THE TEMPLE TOWNYadagirigutta is well known as the temple town.
Lord Lakshmi Narasimha Temple is the famous landmark in the state which has proximity to the localities like Raigiri, aleru, Bhuvanagiri, and wangapalli.
Thousands of tourists used to visit Lotus temple, bhongir fort and nearby attractions in and around yadadri.AN ERA OF DEVELOPMENT – A TRUE RAY OF HOPE FOR INVESTORSFrom the past few years, the Yadadri Bhongiri area is witnesses many social and physical infrastructures.
The government has proposed and announced many prestigious ventures in and around yadadri.
