There is a lot happening for the Non Residential Indians wanting to invest in the real estate sector in the country, and most of it is beneficial. Pre-RERA, there was a lack of information and transparency between the buyers and the developers. Let us see the different benefits for NRIs that can be observed post-RERA:
- Accountability on developers: With RERA already implemented, Real Estate Developers are totally liable for completing the project without any repercussions. Now, there needs to be less responsibility on the buyers to be worried to push the builders on completing the projects.
- Timely Development: Builders will now have to finish the development within the aforesaid timeline, this will reduce the stress on NRIs. The update on the development will have to be given to the Authority to prevent delays.
- Safe investment: Due to RERA, builders will have to put 70% of the funds received for future constructions, which opens up the path to safe funding. The fund will be deposited in a separate escrow account which will be looked after by RERA.
- Transparency: RERA is a big relief to NRIs as there is significant transparency of information between the builders and buyers. Especially convenient to the NRIs, they can extract information regarding the developments from anywhere.
- Regular construction Updates: All the information regarding construction will be updated by the developers which can be accessed by the NRIs anywhere. The builders have to upload the project status as it progresses in future.
- Carpet Area: providing carpet area will make it much easier for NRIs to judge the property without actually visiting it. Super built-up area, which was provided before RERA’s existence usually, included unnecessary elements, which resulted in buyers getting a smaller area than they expected. With the use of carpet area, the buyers will get a clear idea of the property with just from the brochure.
- State-wise distribution: As RERA is spread separately in states, it makes it easy for NRIs to catch various project developments according to preferred places. Interested NRIs can check for the details of projects on the websites of the Authorities of different states.
- Builders liable for interests: if for any future delays faced by the NRIs, builders will be responsible to pay due interests till the time of delivery. As NRIs don’t get to follow up the builders regularly, now any delay will result in compensation which will benefit them in every way.
- Simplified process: RERA has made the investments and follow ups less complicated, which is especially a bigger benefit for NRIs. As the Authority is responsible to take an account of any misleading, it comes as a big relief to the homebuyers.
- Presence of Regulatory Body: the existence of RERA Authorities has made it simple for NRIs to extract information from and contact whenever required. Before RERA, buyers had no clue of how to report fraudulent cases and who to reach out to complain about such cases. Complaints can be filed by NRIs regarding any project of any state irrespective of their own location.
RERA has been a big factor in reviving the interests of NRI community in investing in real estate in this Country. RERA has already observed positive response and is headed to change the real estate sector for good in the near future. It provides a big comfort to the Non Residential Indians by providing a platform to stay informed of their invested properties without being physically present here.