The Impact of RERA On Real Estate Industry and Benefits

Due to various deregulation of business establishment processes and the ease of doing business of many foreign players and multinational companies are now getting attracted towards India. The current tempo of the luxury real estate market in India is expected to continue as demand for luxury houses is increasing. In North India, the growth of real estate market dominates in Delhi NCR, Gurgaon and Noida, especially in high-growth projects. After the implementation of RERA certified properties in India, the industry has experienced improvement in project execution and delivery in the residential segment. The provisions of the Act have compelled real estate companies to focus more on project delivery, resulting in being ready to buy apartments in number of cities as well as being available to home buyers in various parts of the country. The Act is capable of generating positive feedback from both developers and consumers. Talking about the future, RERA promises an organized industry as it is progressive legislation. It has the potential to create a real estate industry that is desired by all as the properties have now become RERA certified

Industry benefits

• Governance and transparency
• Project efficiency and robust project delivery
• Standardization and quality
• Enhance confidence of investors
• Attract higher investments and PE funding
• Regulated Environment

Developer Benefits

• Common and best practices
• Increase efficiency
• Consolidation of sector
• Corporate branding
• Higher investment
• Increase in organized funding

Buyer Benefits

• Significant buyers protection
• Quality products and timely delivery
• Balanced agreements and treatment
• Transparency – sale based on carpet area
• Safety of money and transparency on utilization.

Agent Benefits

• Consolidation of sector
• Increased transparency
• Increased efficiency
• Minimum litigation by adopting best practices

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Be Aware And Should Know While Hunting A Rented House

When hunting for housing rental, if you are not aware of the basic information on how to be safe with scammers and their techniques, then you can face real big issues in this market. Therefore, you should be familiar with the basic ways to rent property easily without falling prey to fraud and shady schemes. We have added some very useful and important tips that will help you locate the rental scammer that you may have to face while searching for your ideal rental accommodation.

1. Do Not Start Deals with Cash

Most of us start dealing with cash which should not be done as it becomes very difficult to detect the crooks if the transaction is done in real cash only. Thus, when you pay in cash to rent a place, you will not be able to find them if people cheat because they can run around the world with your money.

It has been observed that if the owner of the property wants to do some fraud with you, he will always try to convince you to make all the payments in cash. It is advised not to deposit security and pay the previous month in cash but you can go with wire transfer instead.

2. Go to Rent Place First                    

If you are paying for a rental place that you did not trust by trusting the words of the estate agent, then you are indeed making a big mistake. You should first go to the location suggested by your agent before making any payment to him. This way, you will not regret your decision and can go to another landlord if you are not satisfied.

A real landlord will call you to see your property so that you can find out if it suits you and your needs. Photos uploaded to various property sites may differ from the original property. Therefore, make sure to visit the property first and evaluate the condition of the property yourself. It is also beneficial for those who have to go to other places for work or study. You can enlist the help of your friends, relatives to visit the rental place to find out the reality about the property. It would be great to talk to landlords rather than coming in contact with an agent directly because the scimitars can have access to the property and fool you. Therefore, make sure that you check all aspects of the property before renting.

 

3. Make sure to sign the lease in writing

When renting a home, make sure that you sign the lease in writing only. This is necessary because there is no guarantee of a verbal agreement, but with a written agreement, you have complete assurance that you have not been a victim of any fraud. If you make a verbal agreement, chances are you will have to take the fraud to court, but proving that it will become a real headache due to lack of evidence.

Therefore, be sure to sign a lease contract with your landlord and the landlord must remember to sign the agreement with the tenant. When signing a physical contract, make sure that-

• Must be the signature of the landlord. 
• You get a copy of the agreement with the landlord.