Developers on NH7 Panchkula a significant investment. People save for years and take long-term loans to realize their dream of owning their dream home. When a substantial amount of money is at stake, it is essential to choose the right developers. Panchkula is one of the most popular cities in Haryana when it comes to real estate.
Being a part of Tricity, an increasing number of people wish to have a property there due to increased connectivity and nearby amenities. However, you must remember certain things when looking for real estate developers on NH7 Panchkula, including approvals and registration.
RERA Registration
RERA approval is one of the primary considerations that should not be ignored while choosing a property. RERA brought uniformity in the real estate sector, preventing malpractices such as agreement, area, layout, specifications, architect, contractor, etc. All builders should follow a few guidelines for registering the project.
If you wish to invest in safe property in Shahabad, look for only RERA approved plots in Shahabad. Situated between Ambala and Karnal, these plots are located in lush green surroundings with plenty of amenities.
What is RERA?
RERA stands for Real Estate Regulatory Authority which was introduced in 2016 to improve the transparency in the construction of the house and buying process. RERA Act lays out rules and regulations for dealing with project delays, quality of the projects, and property pricing in a transparent manner to put the interest of new house buyers.
Benefits of the RERA Act for Buyers
- Advance Payment
Real estate developers charge some advance from the buyers while starting the project. But, according to the new RERA rules, the developers are prohibited from fetching 100% of the building cost from the buyers in the form of an application fee or advance. It saves the buyers from the stress of arranging huge sums of money in one go. If the buyer experiences a shortage of funds for paying the builders any advance, they can opt for a home loan to manage financial stress.
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Standard Method for Carpet Area Measurement
Before the RERA Act was introduced, each developer had a different method of calculating the project carpet area. It led to inconsistency in the property prices/ carpet area. As per RERA, the carpet area must be calculated as the apartment’s net usable floor area, excluding external walls, balcony, open terrace, services shafts, etc. It includes the area covered under the partition walls inside the apartment. This has led to developers specifying the carpet area offered, affecting property prices.
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Prompt Completion of Real Estate Project
Earlier, real estate projects took years to complete, which was a significant concern for buyers. Under the RERA act, the developers must provide a delivery date when they will hand over the apartment to the buyers; if they fail to abide by the timeline, they will face penalties. Thus, one must only go for RERA registered/ approved properties. It will help smoothly clear the valuation stage, which is a significant aspect of the home loan eligibility process.
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Builder is Responsible for Defects in Construction
According to RERA Act, the builder will be held liable for any repairs or fixing the defects in a newly constructed property. It is valid up to five years from the date of possession. Also, the repairs must be done within 30 days after detection of the issue. It saves the buyer from unnecessary expenses due to negligence from the builder.
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Quick Redressal of Grievances
In case of any complaints about the real estate project, the buyers can connect with RERA. The issues can be related to construction, possession transfer, or other issues. If they are unhappy with the RERA’s decision, the buyer can approach Appellate Tribunal to file a complaint. Thus, the buyer need not worry if the buying process doesn’t turn out as expected.
Wrapping Up
When looking for a residential property, ensure it is RERA approved. This will help in receiving the benefits such as redressals and speedy completion of the construction project. As mentioned above, securing a home loan also becomes easy.
Real estate developers deal with several aspects of the real estate sector. It consists of renovating the existing property, purchasing raw land, selling developed land and projects, re-developing buildings, and more. Hence, choosing reputed and reliable real estate developers on NH7 Panchkula for investing in your dream property is essential. It is a long-term investment, and the decisions should be made carefully to avoid any issues later.
Do thorough research on the web and inquire from relevant authorities to find only Rera approved plots in Shahabad. Finding the right property might take time and effort, but the benefits outweigh the efforts. When investing a substantial amount, it is vital to enjoy peace of mind. It can only be achieved by choosing a renowned developer that sells property with the required approvals and registration.
