In the last couple of years, the real estate sector in India is getting developed a lot. In fact, truth to be spoken the development which is seen in the real estate sector can catch much attention. In the last year, equity investments in private real estate sectors have jumped 62 percent to Rs. 38,000 crore. There are many financial experts who believe that the recent law passed in the parliament has encouraged that.
The recent act passed by the parliament has encouraged an attracting development in several states in India. At the same time, States like Tamil Nadu started to follow the real estate culture of Maharashtra, Delhi, Uttar Pradesh and Rajasthan.All of these are directly or indirectly associated with the Real Estate Regulation Bill in India.
When it comes to the real estate industry in India, it is very important for a consumer to check out many things. There are many cases reported for not keeping promises and using low-quality materials. There are few cases happened that buildings have collapsed for using low-quality materials. Therefore, if you are a consumer then you have to look at few things before buying a flat. The things you have to look at are that the builder has followed all the laws, and he keeps his promises in all aspect. At the same time, and most importantly you have to make sure that the builder has used the proper materials as well. All of these things are under the RERA act. Therefore, verifying all of these is in your basic fundamental rights.
The RERA act put a significant amount of protection to a consumer who is looking to buy a flat. If a promoter is about to work on a project with 500 square meter area then it is mandatory for him to get sanctioned by RERA. When a project gets sanctioned by RERA the project becomes a lot clearer and safer to a consumer.
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