The Real Estate Regulation and Development Act, 2016 (RERA), in force from May 1, 2017, builders in Chennai have a lot of reorganization to do as their fraternity across India. All residential and commercial projects in every State and UT now have to be registered with the Government as per RERA rules and regulations. Builders in Chennai will have to register their new Apartments/Flats in Chennai, Plots in Chennai and Villas in Chennai that they offer under RERA. RERA is intended to protect the interests of home buyers, promote transparency and ensure timely execution of projects. As per the Act each State and UT are to have its own Real Estate Regulatory Authority to frame Real Estate rules and regulations for themselves.
We are seeing a phase of transition in the Real Estate industry from a free-for-all to a regulated one. RERA will not only cover new launches, but also on-going projects that have not received completion/occupation certificates as yet. That includes Plots in Chennai, Apartments in Chennai, Villa projects in Chennai. Builders in Chennai will now have to register their ongoing projects with RERA before July 31, 2017. Alliance, Chennai’s leading Developer offers new Flats, Villas and Plots along with ongoing projects under RERA. With RERA registration they become safe and secure to invest in.
All under-construction properties and unsold inventory that would take 12 months and more to complete will have to be registered under RERA. These projects will have to comply with new RERA rules. How does RERA help you if you want to buy a house in Chennai?
RERA puts pressure on Builders in Chennai just as much as it does on other Indian builders on the management of the funds they collect from home buyers. It requires Builders in Chennai and all over India to complete their projects on time as well.
As RERA transfers your (buyer) cost of risks to Developers, prices of apartments, plots and Villas in Chennai are set to go up too. If you want to buy a home in Chennai, look for a RERA-compliant Developer and a RERA-compliant property to be on the safe side.
Demonetisation and RERA are expected to consolidate the Real Estate sector by wiping out a large number of small-time, unorganized developers in Chennai. So, buyers are cautioned not to bite the baits small-time builders offer on their on-going projects that are not registered under RERA. Alliance; Chennai’s leading builder welcomes RERA and feels empowered by the Act as it helps them stay ahead of competition in satisfying genuine buyers and investors such as you.
With RERA, your property investment in Chennai is getting safer than before. It is a good time to buy a home or invest in one. As Builders are under watch, they cannot take you for a ride anymore. Alliance leads among the Developers in Chennai offering you a luxury Villa in OMR and luxury apartments in Pallavaram and near Anna Nagar, besides DTCP approved plots in Oragadam, to name a few.
Now that RERA insulates you from fly-by-night builders, it is time to make prudent investments into a villa, plot or apartment in Chennai with a sense of certainty and clarity.
RERA and Chennai Real Estate Investment Opportunities