Benefits of RERA for NRI Property Buyers!

Introduction

RERA stands for the Real Estate Regulatory Act and came into existence in 2016. The act aims to provide transparency regarding home purchases and boost India's real estate sector. The RERA bill was passed on March 10, 2016, and became effective on May 1, 2016. Every state in India has its RERA Authority which helps monitor real estate matters and disputes more clearly. RERA benefits a lot of NRIs who are interested in investing their money in Indian real estate.
 
RERA is considered one of the most important acts for India's real estate sector, especially for non-resident Indians. There are various RERA benefits for NRI buyers, which help them purchase Indian real estate properties without hassle. The number of fraud deals has decreased since the RERA act has been enforced. If you or any family member wants to buy a property in India as a non-resident, then you need to learn about all RERA benefits for NRIs. Read on to learn more about the benefits of RERA for NRI property buyers.

Features of RERA in India

RERA ensures that guidelines are in place for all real estate transactions. All the parties involved in developing, buying, and selling property in any Indian state must follow them. Here are some of the crucial features of RERA that you must know about:

• There is a record of every real estate property available in India after RERA came into force. According to the act, all real estate properties should be registered with the RERA of that particular state.
• RERA Authority has the right to monitor the progress of the development of a property. It can also look after the issues and disputes during the investment process.
• A RERA Authority is established in every state to monitor and authorise every property development matter closely. 
• RERA can stop a promoter or agent from continuing the activity if a complaint has been raised against them.

Benefits of RERA in India for Non-Resident Indians

Non-resident Indians are increasingly participating in real estate property investments after the implementation of RERA. The process of buying a property in India has been streamlined under the RERA guidelines. Some of the RERA benefits for NRI buyers are listed here: 

Timely Possession

Before RERA, there were cases regarding the delaying of projects and incompletion by the builders. But after the RERA Act came into force, the projects were completed and delivered on time. If the builder fails to provide timely delivery of the project, according to RERA, they have to compensate the NRI buyer with interest.

Transparency

RERA ensures complete transparency between the builder and the buyer. According to RERA, the buyer has the right to get all the details regarding the property's ownership, registration, the entire process, and status. As per RERA, the builders must keep updating the website regularly with the latest details related to the project. Moreover, after the RERA rules came into effect, builders could no longer use the funds meant for one project to promote another project. 

Carpet Area Disclosure

Misleading information regarding properties used to be extremely common for NRIs investing in Indian properties. But after RERA came into force, this issue was cured. It is now necessary for the developers to disclose all the information regarding various aspects of the property. Hence, interested NRI buyers can now make informed decisions.

Simplified Process

The process of investing in the Indian real estate sector has become much easier for NRI buyers after the RERA Act was introduced. RERA made the follow-ups less complicated, resulting in more NRIs investments in India. If there are any issues, the buyers can get in touch with the regional RERA Authority for a quick resolution. 

State-wise Distribution

The RERA Act is applicable countrywide. All builders must register their projects with the state-level RERA Authority. They must also publish the RERA ID for every project in all ads. NRI Buyers can now visit the website of the concerned state authority and get updated information regarding the property.

Investment Security

It is one of the key benefits of RERA for NRI property buyers. The funds that NRI buyers used to give to their builders were often used on other projects without any formal notice given to the buyer. Now, it has been made mandatory to keep 70% of the payment given by the buyer in a separate bank account overseen by the RERA. This drastically improves investment security and allows NRIs to invest more in the future on property.

Conclusion

The article has highlighted the benefits of RERA for NRI property buyers and how this act can help in better investment processes. Make sure to check the Adani Realty website before making any real estate-related decision. All projects by Adani Realty are registered with RERA. 

=> Read Also:- RERA Gujarat (GUJRERA)

=> Read Also:- HRERA (Haryana RERA)

=> Read Also:- MahaRERA (RERA Maharashtra)