‘RERA to benefit buyers of real estate’

the goan I networkrPANAJI rrGera was speaking to media persons while giving a presentation on the impact of RERA on the real-estate sector in the country. rHe explained, “The entire cost of owning a real-estate can be split into three parts. One, the amount paid by a buyer to a builder. Two, the rent paid on accommodation by a buyer between buying and occupying the real-estate. Three, post possession repair costs and other expenses.” rRERA is aimed at making real-estate sector really stringent for the builders by making them answerable to the buyers on several counts. rGera continued, “RERA provides for a defect warranty of five years to buyers from builders. Meanwhile, the act also provides for severe penalty if a builder doesn’t provide the occupancy of flat as per the agreement. Put together, such provisions will ensure that overall cost of ownership of real-estate will come down.” rHe, however, acknowledged that builders will have to spend more in order to step up the standards. But, at the moment, real estate sector is so unregulated that buyers often end up spending a lot of money on repair of flat soon after buying it. Thanks to RERA, such malpractices around the rcountry are likely to be put to an end. rGera further said, “Once RERA gets implemented, builders will really have to deliver what they have promised to buyers. For instance, if a builder says that he will provide occupancy in three years, then in that time-frame he will have to ensure that even power and water are available to buyers. Or else, buyers can take builders to court.” rBut, providing water, power and other infrastructure is the job of the government. There could be delays on part of government department to provide adequate infrastructure. rGera continued, “In that case, builders will have to ensure that they commit a time-frame to buyers for delivery in which they are sure that adequate infrastructure will be there.” rMeanwhile, the state government is in the process of notifying all the rules runder RERA.