Choosing the correct property is of utmost importance while investing in the real estate sector. Ahmedabad, the former capital of Gujarat is culturally and historically rich and has a diverse culture. Well connected to all the major parts of India, only 30km away from the capital city of Gandhinagar and closely located to Mumbai, the commercial and economic capital Ahmedabad has a great location advantage over other major cities. The city is the upcoming major hub for multiple industrial sectors such as textile, pharmaceuticals, chemical, IT, automobile, dairy, gems and jewellery, and many other multinational companies. The boost in employment has also given a major boost to the real estate industry, owing to the fact that more amount of people migrate to this city of opportunities with each passing day. Nominated as one of the smart cities under the Indian government initiative, Ahmedabad is a real hotbed for investors and property buyers.
However, amidst all the roaring success of the real estate sector, the most important factor has been instilling the emotion of safety and security in the hearts of those interested in investing in the future prospects of Ahmedabad. Gujarat government has been incredibly helpful in providing the solution against the safety problem by introducing Gujarat RERA Act in the year 2016. The Real Estate Regulatory Authority (RERA) act was coined by the Parliament of India to specify certain norms of building and developing real estate projects and to provide relief from the exploitation of potential buyers. Each state that implements RERA has a set of rules that slightly differ from others depending on the requirement and conditions of the real estate sector in that particular state. The pre-RERA era included exploitation of the buyers and cheating by the builders, developer, or even real estate agents. No means of detecting the foul play and fraudulent claims led to multiple wrongdoings on all accounts and the sector was in chaos. The trust between the developer and the buyer was not established and that continued to wreak havoc on multiple levels. To overcome these serious allegations and problems in the real estate sector, the Indian government came up with the RERA act and it has benefitted a multitude of masses through the same. The upcoming, developing areas like Ahmedabad stand to gain the most from the imminent law proposed by the Gujarat government. There are minor changes to the proposed act as per state regulations but the basic purpose of the RERA act remains the same. Freedom from the frauds regarding the area, possession claims, failure in providing promised amenities and facilities, improper property papers, etc. are some of the many issues at play that RERA plans on resolving.
The main aim of RERA is to rule out the malpractices and fraudulent claims in the real estate industry and build a strong, transparent dealing bond between the homebuyers, developers, and real estate agents. The act stands for the protection of anyone and everyone involved in investing in the real estate sector. All those who seek to buy homes, office spaces, or lands as well as to help boost investments in the real estate industry stand to gain from the RERA implementation in Ahmedabad. It helps in providing buyers with a completely safe home buying experience and allows them to cherish the feeling of security in all the deals. A study claims that RERA has given direction to the otherwise chaotic functioning system of the real estate industry.
RERA has helped Ahmedabad in building the trust of the buyers and investors while making them feel safe about investing a considerable amount of their assets in the future prospects of the city. It has helped in bridging the communication gap between the homebuyers, investors, and developers. Since its inception, RERA has been successful in making the industry transparent with rules and regulations, educating buyers about their rights and claims and have made developers abide by the law to specify the exact carpet area, detailed documentation of accurate information on project sites, brochures, and so on. Sharing the information like project plans, land title statuses, government approvals, subcontractors, proposed amenities and facilities, future plans of the huge project, and project layouts is now mandatory for all the developers on their websites and brochures. It is now the duty of a developer to provide all the valid information to buyers and investors, and it is the right of the buyers to claim compensation against any fraudulent cases and gain what was rightfully claimed at the time of the agreement. The whole system is based on helping in shaping a safe, confident industry for the real estate traders.
The RERA act in Ahmedabad allows the home buyers a say in what happens with their homes. The consent of 2/3rd of the total allottees is required to make any major changes in the proposed property plan. The same number of consent is required for majority rights to the third party. All the major projects have to be mandatorily registered under RERA and obtain a valid RERA number to be considered as a legal and valid project. Any project not registered under RERA act is considered as illegal. RERA also helps in keeping the track of funds required for the project. Every project has to have its own account over which all the project related transactions are to happen. This has reduced corruption and wrongdoings by a huge margin. RERA holds the authority to freeze any non-compliant account. The real estate agents are to register themselves before they can actually recommend anything to anyone. The agents are also bound by law to provide information to potential buyers about RERA registered projects and none others.
Thus RERA has played a major role in home buying experience in Ahmedabad and other major cities in Gujarat. The chaos and doubt flourishing in the pre-RERA times is now a thing of the past and the safety and security of all transactions is the new reality of the real estate industry. A new norm that continues to grow. With RERA in place, the home buying is now exciting news and not something to be feared.
Vipul is a marketing professional responsible for generating valuable insights for many renowned companies.
Right now he is sharing his view on how the introduction of RERA is helping homebuyers to buy property in Ahmedabad.
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