Take Advantage of RERA & Buy Your New Home Today!

No matter how good your running income is, there is still a high possibility that you would be going for a home loan while buying a new property. While taking a loan, you should be aware of RERA as there are multiple benefits that a buyer can avail from it.

Whether you are buying a home in Provident Park Square or anywhere else in Bangalore, here is what you must know: -

-> RERA stands for Real Estate Regulatory Authority Act, which was implemented in May 2017 to prevent the buyers from getting cheated by the property developers and hear their grievances.

-> There is no transparency between the developers and the buyers of the property. The developer is now required to update the buyer with the progress made in the construction. All the projects have to be registered before they are started so that there are minimum chances of fraud. Provident Park Square is known for its timely registration and for following all the guidelines laid down by RERA.

-> With an increase in transparency, the demand for the property has significantly gone high, which has made the prices go down considerably. Therefore, it is not a big task to own a home now.

-> RERA strictly ensures that no fake promotions or false promises are made to attract a large number of buyers. Only those facilities can be highlighted that can be delivered as per the plan and availability of funds.

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Relevant Tips To Get Profitable Return On Property Investment

One of the best and the most profitable investment option these days is the real estate investments. With new rules that favor the home buyers, there are various opportunities that can get a home buyer great return on investment.

Upcoming projects like the Gem Nakshatra in Hyderabad city is the finest construction that can be a suitable option for new home buyers to invest in. but before anything, one has to know certain essential tips to get maximum benefits.

Under-construction Properties Deals

Real estate properties that are under construction such as the Gem Nakshatra are always profitable for home buyers. This is because you can get them at cheaper rates and later sell in higher amount. Since the strict rules of RERA, there is also no risk factor involved in investing in under-construction properties.

Additional Perk

If your annual income is between 6 to 18 lakhs, then you can avail the interest rate tax rebate benefit from the government.

Know About Extra Charges

Always read the terms and conditions carefully to understand all the hidden and additional expenses. Make sure you do not get surprised later with the burden of huge cost.


Avoid High Floors

Higher the floor you choose and more money you need to spend. The floors close to the grounds are cheaper. As you rise the apartments get expensive. So if you need to save a considerable amount of money, choose your flat at a lower level and which is not a premium one.

Keep these tips in mind and you will not be disappointed.

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3 Things to Consider While Buying a Flat in Bangalore

Given the fact PMAY housing scheme is valid till the end of this financial year, most people would be planning to buy a house in the next few months. If that’s true even in your case, below are some of the facts you must keep in mind before buying a property in Bangalore. 

1. Location of the house: Would decide the kind of returns you can expect from your investment in real-estate. The closer your house is to the center of your state’s capital city, property value appreciation rate is higher. 

Thus, pay proper attention to the location of your property while buying a flat in Bangalore. For instance, properties such as the Sobha Lake Garden is situated at a prime location, well connected with these modes of transport.

   

2. Dealer’s credibility: After the RERA act, no property dealer can sell a property without RERA registration. The dealer has to be registered and even the property needs to be RERA-verified. If you end up buying a property which is not RERA-verified, you might have a hard time getting approved for a home loan. Thus, gauge the credibility of your builder before buying a flat from them. 

3. Rate of returns and amenities: Last but not least, assuming your purpose of buying a flat in Bangalore is to sell it off later and earn a high ROI, you must ensure the property is available with value added amenities. These value added amenities will supplement your property’s resale value.

Additional Read: Five Things to Check When Buying a House in Bangalore

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Diluted RERA Makes Haryana Buyers Anxious

The realty sector is a key and one of the fastest growing sectors in India. This real estate sector is growing at a rapid pace, and within next few decades, it is expected to witness a solid hike of about 30 percent or maybe more. This real estate sector is diluted from head to toe, and undoubtedly it is one of the most corrupt sectors in India. Black money transactions, fraud sales, inappropriate promises and not abiding by the guidelines, false documentation and paper works are the major drawbacks of this Indian real estate market.

Haryana is one of the fastest developing states of India with a growing real estate market and rich agricultural background. The state government of Haryana has come up with a slight modification in Regulation and Development Act by implementing Rera. This move of the government is not positively accepted by its citizen and the government is also facing a lot of criticism for the same.

The buyers are unhappy with this dilution in the Regulation and Development Act and they are blaming the government for favoring the developers. Over 300 objections were submitted to the government to abolish this new rule. And when they didn’t get any acceptable answer from the concerned authorities then the homebuyers of 20 unfinished projects gathered in a park and performed a “havan” seeking help from the divine power.

This newly introduced draft excludes projects which have received completion or occupation certificates, and this has created the biggest doubts in the mind of buyers.

Mridul Babar who has booked a flat in Adani Oysters Grande was quoted as saying- “We have submitted our objections to the draft rule. Now we’re reaching out to the Almighty for help.” Another investor who invested in Dwarka expressway was quoted as saying “Several Projects in Gurgaon are delayed and in many cases work on the site has stopped.” He has demanded a stronger RERA to clear this ongoing mess.

Homebuyers are not at all satisfied with this move of the government, and they are demanding the government to trace the track records of developers and set some proper guidelines and force them to work under those given guidelines. They urged for amendment in rules and asked the concerned authorities to keep an eye on the developers.

Under the current rule of the state, the developers are needed to provide detailed information on their last 5 years launch projects and the government has to monitor them and then only the certification has to be issued. This rule is not practiced up to the mark, and there is corruption in allocating tenders, and the real estate developers are benefitting by this. The state development and Regulation Act needs some serious reforms, and this minor alteration is only helping developers.

It will be important to see what steps government takes in order to ensure security in the mind of buyers who are at the moment a bit anxious with this diluted Rera.

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