Prestige Park Grove

How RERA Approval Ensures Transparency and Accountability in Real Estate Transactions

Real estate transactions can be a daunting and risky task for both buyers and sellers. With high stakes involved, transparency and accountability become crucial for a smooth and successful transaction. This is where RERA approval plays a vital role. RERA or Real Estate Regulation and Development Act, passed by the Indian government in 2016, has transformed the real estate sector by ensuring transparency and accountability in transactions. In this article, we will discuss how RERA approval ensures transparency and accountability in real estate transactions and why it is important for both buyers and sellers.

What is RERA Approval?

RERA Approval is a mandatory approval that every real estate project has to obtain before starting any transactions. It is an online registration process that regulates the real estate sector, ensures transparency and accountability, and safeguards the interests of buyers and sellers. RERA approval requires builders and developers to disclose all relevant information regarding the project, such as the land status, project plan, completion date, and pricing. This information helps buyers to make an informed decision and ensures that there are no hidden charges or surprises after the transaction.

How Does RERA Approval Ensure Transparency and Accountability?

1. Disclosure of Information

RERA approval mandates that builders and developers disclose all relevant information regarding the project. This includes the land status, project plan, completion date, pricing, and any changes made during the project’s development. This information is made available to buyers on the RERA website, enabling them to make an informed decision. This ensures transparency in the transaction and prevents any hidden charges or surprises after the transaction.

2. Advance Registration

RERA approval requires builders and developers to register their projects in advance. This ensures that the project is genuine and has all necessary approvals from the authorities. This also eliminates the possibility of fraud and ensures that buyers invest in a legitimate project.

3. Escrow Account

RERA approval mandates that builders and developers open a separate escrow account for each project. This account is used to deposit the buyer’s money and can only be used for project-related expenses. This ensures that the money is not misused and is used only for the project’s development.

4. Penalty for Delays

RERA approval mandates that builders and developers complete the project within the stipulated time. If there is any delay, the builder has to pay a penalty to the buyer. This ensures that the builder is accountable for the project’s timely completion and does not cause any inconvenience to the buyer.

5. Grievance Redressal Mechanism

RERA approval mandates the establishment of a grievance redressal mechanism for buyers and sellers. This mechanism enables buyers and sellers to file complaints regarding any grievances related to the transaction. The authority then investigates the complaint and resolves the issue in a time-bound manner. This ensures that buyers and sellers have a platform to resolve their grievances and ensures accountability.

Why is RERA Approval Important for Buyers and Sellers?

1. Buyer Protection

RERA approval ensures that buyers are protected from fraudulent transactions and have access to complete information regarding the project. This ensures that buyers make an informed decision and invest in a legitimate project.

2. Builder Accountability

RERA approval ensures that builders are accountable for the project’s timely completion and any delays are penalized. This ensures that the builder does not cause any inconvenience to the buyer and completes the project within the stipulated time.

3. Reduces Litigation

RERA approval has reduced the number of litigations related to real estate transactions. The grievance redressal mechanism ensures that issues are resolved in a time-bound manner, reducing the need for lengthy legal battles.

  1. Boosts Investor Confidence

RERA approval has boosted investor confidence in the real estate sector. With transparency and accountability in transactions, investors are more likely to invest in real estate projects without any hesitation. This has helped in the growth and development of the real estate sector.

  1. Promotes Trust

RERA approval promotes trust between buyers and sellers. With all the relevant information available on the RERA website, buyers can trust that the project is legitimate and invest in it without any fear. This also ensures that sellers can attract genuine buyers and promote a healthy and trustworthy real estate market.

In conclusion, RERA approval has transformed the real estate sector by ensuring transparency and accountability in transactions. It has safeguarded the interests of both buyers and sellers and boosted investor confidence in the real estate market. With the establishment of a grievance redressal mechanism and penalties for delays, RERA approval has reduced the number of litigations related to real estate transactions. It has also promoted trust between buyers and sellers, leading to a healthy and trustworthy real estate market. Therefore, it is crucial for all real estate projects to obtain RERA approval to ensure a smooth and successful transaction.

Prestige Park Grove is an upcoming township launched by the Prestige Group.

How RERA Approval Ensures Transparency and Accountability in Real Estate Transactions
Akil Yadav

Akil Yadav

Akil Yadav is a seasoned real estate professional with extensive experience in managing and executing successful real estate projects. With a background in architecture and design, He has a keen eye for detail and a deep understanding of the real estate market.

Prestige Park Grove Contact

Get Floor plans, amenities, pricing and lot more.

PRESTIGE PARK GROVE
error: Content is protected
PRESTIGE PARK GROVE
Don't Miss Out! Get the best offers
Detailed Price - Floor plans - Unit Types - Brochure

Limited Pre-launch Sale!