6 Ways the Real Estate Bill Will Benefit You as a Homebuyer

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.

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Builders in Calicut

Location: Kozhikode, Kerala, India

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