In Telangana, the real estate industry used to operate with minimal regulations, lacking mandatory RERA registration. Recognizing the need to protect homebuyers' interests, enhance transparency, and enforce accountability among real estate companies, Telangana State Real Estate Authority's Chairman, N. Satyanarayana, has made RERA registration compulsory for all real estate firms and mandated its inclusion in project advertisements.
This move aims to build trust among buyers, as they invest a substantial portion of their income in purchasing homes, and maintaining their confidence is paramount.
The mandatory RERA registration decision ensures the protection of consumer interests and ensures that builders adhere to all responsibilities outlined in the RERA Act. It also focuses on standardizing construction quality.
Let's delve into the advantages of mandatory RERA registration for homebuyers.
Buyers have the option to file complaints with RERA in case of losses or if builders violate any provisions of the act. Transparency prevails as all customers can access records of RERA-registered projects on the website. Companies are obligated to provide regular updates to their consumers. So, if a project delivery is delayed, real estate firms must transparently communicate with homebuyers.
A portion of the money paid by homebuyers is deposited in a separate bank account designated for project construction. The entire amount paid by consumers is safeguarded by the RERA Act. In cases of project delays or non-compliance with pre-agreed terms, builders can face penalties, including liability to pay monthly interest to buyers.
Peace of Mind:
Homebuyers can confidently invest in multiple properties across the state, particularly in cities like Hyderabad, known for its value-for-money real estate opportunities. The growing job market and infrastructure development make it an attractive destination. Buyers can make property decisions with certainty, knowing that their rights are protected by the law.
In conclusion, RERA registration promotes trust, cooperation, and transparency in the real estate sector. It serves as a boon for homebuyers, safeguarding their interests and ensuring the responsible conduct of builders in the industry.