The Real Estate Regulation and Development Act or RERA is finally in effect from May 1, 2017. A very special day for home buyers who were waiting for the act to come into effect. With a hope, home buyers were waiting for RERA as it promises more transparency and ease of purchase in real estate sector. Karnataka is one of the states where RERA is implicated and now when the home buying is becoming easy, here’s how the property seekers will get benefited.
A Golden Opportunity
In Bangalore itself, there are many real estate projects that do not offer the right quality construction and many developers even delay their projects. Since last year, everyone is waiting for the act and now when it is in effect, the first thing buyers can expect is transparency in real estate sector. Since you will get long-term guarantee on construction quality. All you need to do is to be with a trusted real estate developer in Bangalore.
Real Estate Investment Is Now Safer
Second thing buyers can expect from RERA is the ability to make safe transactions. Under this Act, your investment will become more transparent. The property you will invest in, a 70 percent of the amount will be kept in escrow account. It means that buyers are going to get more safety for their investment.
With RERA, home buyers and investors will not have to wait for the properties after the deadlines. Under the act, it is mandatory for the developers to deliver projects on time. It means that investors can put their money in real estate and they will not have to face the risk of unexpected delays. Due to late delivery, many investors sometimes lose new investment opportunities. But now when RERA is in effect, you can invest in the under construction projects without hesitation.
Only The Genuine Sellers & Agents Will Be There
Just like many other places in the world, the Bangalore Real estate market is also filled with unprofessional sellers and agents. But now when RERA is implicated, the market will get better as the genuine real estate developers and agents will be able to register themselves under the act. So it will definitely bring the genuine sellers and buyers together.
RERA in Bangalore will definitely help the real estate sector become more transparent and easy for home buyers and investors. The only thing you need to remember is that always stay aware and hire a professional real estate agent. Being with unprofessional folks will not only put you in trouble. So, make sure that you get in touch with the right developer and find the best housing project in Bangalore that suits your needs and can give you higher returns on investment.