RERA benefits homebuyers in several ways. Take a look at what they are.

• With the implementation of RERA’s rules, builders must disclose every detail of the project they have undertaken on RERA’s official website. • More importantly, they have to update this information on a regular basis. This assures buyers of transparency regarding project timelines. • Per RERA rules, you have to pay for the property on the basis of the carpet area or the area enclosed by walls. Builders cannot charge you for the super built-up area that includes lifts, balconies, stairs and lobbies.
• Builders have to put 70% of the money they collect from homebuyers into a separate bank account, which they can only use for construction purposes.
• RERA lays emphasis on timely completion of projects. Any delay means that the developer has to pay you interest of 2% over SBI’s MCLR for the period of delay.
• After you get a handover, you can report construction defects for up to 5 years and have the developer rectify them.
• Developers have to resolve disputes with buyers within 120 days of it being filed.
• The developer or builder cannot make alterations or additions to the building plan without informing two-thirds of the owners about such a change. It can only proceed if a majority of homebuyers consent.
• The Act prohibits developers from taking more than 10% as advance from home buyers.
• If at the time of possession, you discover a discrepancy in your title deed, you can immediately ask for compensation from the developer.

Source : https://www.bajajfinserv.in/insights/know-all-about-rera-act

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