{"id":869,"date":"2019-10-11T07:34:31","date_gmt":"2019-10-11T07:34:31","guid":{"rendered":"https:\/\/www.satyamevgroups.com\/blog\/?p=869"},"modified":"2019-10-12T07:39:56","modified_gmt":"2019-10-12T07:39:56","slug":"5-major-benefits-of-the-rera-act-for-real-estate-buyers-in-patna","status":"publish","type":"post","link":"https:\/\/www.satyamevgroups.com\/blog\/5-major-benefits-of-the-rera-act-for-real-estate-buyers-in-patna\/","title":{"rendered":"5 Major Benefits of the RERA Act for Real Estate Buyers in Patna"},"content":{"rendered":"\n

When the Real Estate Regulatory Authority (RERA)\nAct was introduced in the year 2016, many home buyers who were speculative of\ninvesting in Real estate in Patna<\/strong>, heaved a sigh of relief. Now that this act is in\nplace, there is no space for real estate builders to do any mistakes or dupe\nthe customers. This act also helps best real estate developers in Patna<\/strong> to gain the trust of home buyers. The main\nobjective of the RERA act is to safeguard the interest of home buyers as well\nas bring about standardization in the real estate sector. The introduction of\nthe act has also led to the creation of a mechanism wherein issues such as\nproject delays, quality of the projects, pricing of the property, etc can be\ndealt with transparency. The RERA act aims to promote transparency,\naccountability, and efficiency in the real estate sector.<\/p>\n\n\n\n

Here we share the 5 major benefits of the RERA Act\nfor home buyers.<\/p>\n\n\n\n

1. Right to Information About the Property<\/strong><\/p>\n\n\n\n

This is one main advantage of the RERA act in favor\nof the home buyer. This information can help you on multiple fronts. The\ndeveloper is entitled to share all the details regarding the project such as\nplan layout, plan of execution, completion stages, the status of competition,\netc.<\/p>\n\n\n\n

2. Standardized Carpet Area<\/strong><\/p>\n\n\n\n

Each builder had his own formula to calculate the\ncarpet area of a property. But RERA has a standardized version of how to\ncalculate the carpet area. RERA defines carpet area as,
\n\u2018the net usable floor area of an apartment or Lands, excluding the area covered\nby the external walls, areas under services shafts, exclusive balcony or\nverandah area and exclusive open terrace area, but includes the area covered by\nthe internal partition walls of the apartment\u2019.<\/p>\n\n\n\n

With this definition, the builders need to clarify\nhow much carpet area they are offering as the price of a property in real\nestate in India is dependent on the carpet area.<\/p>\n\n\n\n

3. Builders Will Be Held Responsible for Any Defect\/Fault in the Construction<\/strong><\/p>\n\n\n\n

Under the RERA act if there is any defect or fault\nin the construction of your apartment then the repairing has to be done by the\nreal estate developer. This is for the structural defect in the property for up\nto 5 years from the date of possession. The repairing has to be done within 30\ndays once the fault is detected.<\/p>\n\n\n\n

4. Grievances Will Be Addressed and Solved Quickly<\/strong><\/p>\n\n\n\n

In case you are dissatisfied with the construction\nor if there is any other issue with your commercial property or residential\nproperty in Patna, then you can approach the Appellate Tribunal. This tribunal\nwill address your case within 60 days.<\/p>\n\n\n\n

5. Builders Won\u2019t Be Able to Delay the Projects<\/strong><\/p>\n\n\n\n

Under the RERA act, each real estate developer\nneeds to give a delivery date for the handover of the possession of the\napartments or Property. If the builder is not able to complete the project\nuntil the delivery date, then they will have to face penalties.<\/p>\n\n\n\n

Real estate investment in Patna has seen a rise after the introduction of the RERA act. Many new properties in Patna<\/strong> Such as Satyamev Heights Patna, and Highway Residency Bihta, are now being built which are all RERA registered.<\/p>\n","protected":false},"excerpt":{"rendered":"

When the Real Estate Regulatory Authority (RERA) Act was introduced in the year 2016, many home buyers who were speculative<\/p>\n","protected":false},"author":3,"featured_media":871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1,8],"tags":[18,43,42,44],"class_list":["post-869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-projects","category-realty-news","tag-apartments-in-patna","tag-best-real-estate-developers-in-patna","tag-real-estate-in-patna","tag-rera-property-in-patna"],"yoast_head":"\n5 Major Benefits of the RERA Act for Real Estate Buyers in Patna - Satyamev Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.satyamevgroups.com\/blog\/5-major-benefits-of-the-rera-act-for-real-estate-buyers-in-patna\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Major Benefits of the RERA Act for Real Estate Buyers in Patna - 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