The RERA Act was implemented on May 1, 2017, which completely changed the face of the real estate industry in India. Developers have had to formally register under the RERA Act to be able to sell the property to consumers. It has affected the metro cities the most and has brought about a sense of relief to buyers who were looking to make an investment in the property sector.
Some of the major game changers in the RERA Act are the stringent timelines on the developer, failing which they are liable to refund the amount with interest to the buyer. Also, the unique RERA registration number enables the user to decide whether or not a seller is legitimate and suitable for any further investments.
It also gives power to the buyer using which he/she can investigate the track record of the seller to ensure their credibility and reputation. One of the most trustworthy and reliable developers are the Dosti West County in Thane West, Mumbai. Along with a good reputation and extensive facilities to its buyers, they comply with all the RERA norms strictly and aim at providing better solutions to its buyers at reasonable prices.
Deviating from the marketing ads and charging more than 10% of the total cost of the property as a booking amount is also a breach of the RERA Act which might cost the sellers their licence and might even involve jail-time. The Act has the best interest of buyers at heart.
Also, you can buy a home with instant housing finance facility by Bajaj Housing Finance Limited, you may have the capacity to guarantee the advantages from PMAY home advance or PMAY CLSS.
Additional Read: 3 Things You Should Check Before Buying a Property in Mumbai
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