6 Ways the Real Estate Bill Will Benefit You as a HomebuyerMarch 9, 2017
The real estate regulatory bill passed by Rajya Sabha is something that would cheer the homebuyers and developers alike. The bill specifically aims at bringing in transparency, accountability and efficiency in the realty sector and also makes home-buying a hassle free process.
Here are 6 benefits of the new real estate bill for the homebuyers –
1.On-time Project Delivery
According to be bill, timely completion of the apartments, flats and villas would be given main priority. The provision in the bill has ensured that if there is any delay, the builder would have to pay the same interest to the buyer as the latter pay EMI to the bank.
2.Sale through Carpet Area would be Mandatory
New Real Estate Bill has made it mandatory for the promoters and builders to sell the space on the basis of carpet area, which is the actual usable area unlike having the sale done on super built-up area which includes the wall thickness and floor area as well.
3.More Quality and efficient Projects
Good Construction, design and quality will be mandatory else the project would not get clearance from the relevant regulatory and planning authorities as per the new bill.
4. Pure Transparency
All the informations like project layout, approval, land status, contractors, schedule and completion of project have to be disclosed to the RERA and the buyers too. This will ensure greater transparency in the process of completion of the project.
5.Final project should match the advertisements
Gone are the days when home buyers invest on an advertised flat, apartment or a villa and realise that expectations are not met in reality. With the introduction of the new bill, builders have to give an end-product that matches the advertisements completely.
6.An extended repair period to ensure continued support from builders
If a buyer finds any structural defect or deficiency in the property, he/she can contact the developer within the first few years of possession for after-sales service.
Ladder Kerala, the leading builder of Kerala embraces multiple projects all over the state that are rated superior in terms of quality and experience. The flagship project of Ladder Kerala, Ladder Mankav Greens introduces King-size apartments in Calicut, offering ultra-spacious 2 & 3 bedroom flats in Calicut ranging from 1327 Sq. Ft. to an extravagant 3164 Sq. Ft. with many world-class amenities and facilities, located in the centre of the city.
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