If you are looking for a new property to invest in or to live in, one of the things you must consider is whether the property is registered under RERA or not. The Real Estate (Regulation and Development) Act, 2016 (RERA) was implemented by the Indian government to regulate the real estate sector and protect homebuyers from unscrupulous developers. In this article, we will discuss the challenges and opportunities of RERA implementation in Prestige Park Grove, Whitefield, Bangalore.
What is RERA?
RERA is a central act that aims to establish transparency and accountability in the real estate sector. It is a regulatory body that ensures that developers register their projects and provide timely delivery of the same. It also mandates that developers deposit 70% of the project cost in a separate escrow account to ensure that the funds are used only for the construction of the project.
RERA Implementation in Prestige Park Grove
Prestige Park Grove is an apartment complex located in Whitefield, Bangalore. The complex has multiple towers, and each tower has 2, 3, and 4 bhk apartments. They also have premium villas. The developers of Prestige Park Grove have obtained RERA approvals for their projects.
Challenges of RERA Implementation in Prestige Park Grove
Despite the implementation of RERA, there are still challenges that developers face in complying with the act. One of the challenges is the lack of awareness among homebuyers about RERA. Many homebuyers are still not aware of the benefits of buying a property that is registered under RERA. Another challenge is the high cost of compliance. Developers have to spend a considerable amount of money to comply with the regulations, which may increase the cost of the property.
Opportunities of RERA Implementation in Prestige Park Grove
The implementation of RERA has brought several opportunities for developers in Prestige Park Grove. One of the opportunities is the increased credibility of the developer. A developer who has registered their project under RERA is viewed as more trustworthy and reliable by homebuyers. Another opportunity is the increased transparency in the real estate sector. With RERA, developers have to provide all the necessary details about the project, including the timeline for completion, the cost, and the amenities provided. This ensures that homebuyers are well-informed before making a decision.
The implementation of RERA has brought several challenges and opportunities for developers in Prestige Park Grove, Whitefield, and Bangalore. While complying with the regulations may be costly, it also increases the credibility and transparency of the developer. As a homebuyer, it is essential to check whether the property you are interested in is registered under RERA or not.