Your Home, Your Rights | Happy World Consumer Rights Day!(RERA)
We now know most of our basic rights, we know what Quality to expect from the Manufacturers, Hygiene Maintenance from Restaurants, Quality Service from Hotels, etc But do we know our rights when we buy a Property? Is RERA going to Solve this?
15th March, known as the World Consumer Rights Day. It is an opportunity to promote the basic rights of all consumers, demanding that those rights are respected and protected, and a chance to protest against the market abuses and social injustices which undermine those rights.
Started back in 1962, formally addressed by the first US President John F Kennedy, consumer movement now marks this date every year as means of raising global awareness about consumer rights.
Buying a property is one of the biggest transactions we make in our lives. We can’t just ignore our rights and go with the flow, infact, this is when we need to know our rights the most. We hear about possessions being delayed, square footage area being altered, amenities being changed, etc
So what do we do when these things happen?
ONE WORD: RERA
Real Estate Regulation Act is purely designed to keep the interests of the buyer and rationalise the Real Estate Industry. An industry which has a cut throat red ocean level competition between builders, brokers and home loan agents who would do anything to get the buyers interest and money. RERA will be implemented soon to multiple states and cities, it is important to be thorough with the regulations first and understand how you can take it’s advantage.
Here are some of the Rules & Regukations included in RERA:
1. Increased insertion on the timely completion of projects and delivery to the consumer.
2. 70% of the sales receipt to be locked in an escrow account to safeguard the buyers investment.
3. Faster dispute resolution mechanism through dispute settlement forums and appellate tribunal.
3. Sale on Carpet – Area to help improve transparency.
4. An increasingly-regulated broker environment.
5. Greater visibility into the developer’s delivery track record.
UrbanPlace is Official Channel Partners with multiple Builders and Developers across Mumbai, Navi Mumbai and Thane. We are active with Market Analysis and Trend forecasting. We also keep a track record of the Builder and we let our Clients know their Credibility, Delivery Time Rate, Future Scope and Quality of Construction.
This helps you, as a client to choose the safer route. You get assistance in not only making the safer bet, but also your investment secures a tremendous scope of appreciations.
UrbanPlace is also Partners with Multiple Home Loan Banks & Financial Institutes, we help our clients by first educating them with the entire Home Loan Process, and then negotiating on their behalf with the Banks to get the Best Interest rates and Lowest EMIs.
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