What does TS RERA mean for Home-buyers in Hyderabad? Part 1
Telangana Real Estate Regulation Act (RERA) is a boon and has REGULATED the Real Estate sector!
Both ‘promoters’ (builders), as well as ‘agents’, are now brought under the legal purview of the regulatory authority. This means PEACE OF MIND!!
To explain RERA with an analogy- RERA is to Real Estate what IRDA or TRAI is to the Insurance and Telecom sector! Simply put- they PROTECT THE CUSTOMERS’ INTERESTS!
RERA gave the much-needed deterrence mechanism to the real estate sector.
RERA made the Real Estate industry transparent and trustworthy.
What does a regulatory authority do?
- A regulatory authority is benefits consumers and builders
- As the watchdogs of legal aspects of the Real Estate sector, especially the builders, it brings a sense of comfort to customers
- Customers can be comfortable when a residential or commercial property is RERA APPROVED
- Customers feel relieved while signing up for making huge investments in a RERA APPROVED property
- Telangana adopted the RERA Act in 2017
- Not only does it protect the interests of consumers, but it also nurtures conditions for the growth of the real estate sector in Telangana
Why did we adopt RERA at all?
- Before 2017, buying a property was unpredictable and unreasonable times
- Many builders duped customers, and some even took their customers’ money and did NOT deliver the property
- The CUSTOMERS LOST THEIR HARD-EARNED MONEY! Some buyers even lost their life earnings, and many even died without having any legal recourse!!
- Names like Unitech are a case in point among many other small and big builders across the country
- The Government had to put Checks and balances to protect consumers
- Intentional fraud and misleading innocent customers had to be stopped with unruly and uncouth builders who running FRAUD rackets
- Consumer courts could NOT have handled the complexity of the Real Estate Sector, and its issues and problems
- Going to court only meant a waste of time and harassment. Some builders would just use the legal mechanism to delay and keep the cases alive in courts for decades
RERA- a relief was born!
- Real Estate Regulation Act, 2016 came to life
- It was fair to both buyers and sellers
- RERA was approved by the Indian parliament in 2016 and got implemented in Telangana immediately after that
How RERA helped the growth of Hyderabad / Telangana Real Estate
- Helped growth of real estate industry in Hyderabad / Telangana
- With a regulated environment, the home buyers and commercial building investments have gone up in Hyderabad/Telangana
- Investors are investing boldly
- Investors get an immense sense of assurance and comfort post RERA implementation
- TS RERA has catered to disputes with a proper mechanism
- TS RERA has helped residential and commercial property buyers to:
- Know if a project is RERA registered projects
- Made builders go through a strict RERA registration process to get their project approved
- Even real estate agents (brokers) are required to be registered
- Marketing of properties cannot be done unless the project is TS-RERA registered
- Complaints and redressal of grievances handling procedures are faster and more powerful
- The urban real estate landscape of Hyderabad / Telangana has improved with this much-needed legislation
Overall, the growth of Telangana State has been augmented with the implementation of TS-RERA since 2017!
Telangana RERA has benefitted the Economic growth of the State. Telangana Real Estate has grown giving investment returns to investors.
All this is because business and returns are possible only on a foundation of trust, transparency, and well-regulated Government controls.
The real Estate Business has only gotten better in Telangana, and especially Hyderabad with TS-RERA.
To know more about “RERA: a boon for homebuyers making the home-purchase process safe and tension-free!”.Click here!