Skip to main content

RERA Benefits for NRI Buyers





After coming into force of Real Estate Regulation Act (RERA) the Government also opened doors for more NRI investment in the Real Estate Sector. Earlier, the Non-Resident Indians [NRIs] use to think twice before investing in the Indian Real Estate market due to various reasons. But, today, RERA has become a reason for an increase in NRIs Investment in the real estate sector. Some of the benefits of RERA to NRI Buyers are:

 TIMELY POSSESSION

The RERA Act has encouraged many Non-Resident Indians to own property here as now these people need not to run behind the builders to get the timely possession of their home. Real Estate Developers are totally liable for completing the project without any repercussions. Now, there needs to be less responsibility for the buyers to be worried to push the builders on completing the projects.

INCREASED FAITH
The availability of accurate property related information online and property ownership in the due time increase the faith of NRI investors in the Indian Real Estate market. 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.

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.

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.

INTEREST FOR DELAY
In case of 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.





Labels:

Comments

Post a Comment

Popular posts from this blog

DEMOLITION OF ILLEGAL FARMHOUSES IN ARAVALLI AREA IN GURUGRAM

CA. Ramesh Agrawal The Duty Magistrate has been appointed to demolish all the illegal farmhouses on Aravalli forest hills will start soon. On the report of Forest Department, approximately 100 illegal farmhouses were built on the Aravalli forest area in Gurugram district, mostly in  Gwalpahari and Garatpur Bas villages and areas of Sohna and Manesar and these farmhouses were built in around 50 acres of land without any prior permission from the concerned authority. Nearly all illegal farmhouses are allegedly possessed by retired bureaucrats and politicians. As per the order of the National Green Tribunal demolition of the illegal farmhouses on forest land in the Aravalli region in Gurugram district by January 31. In a survey, the Forest department found approximately 100 illegal farmhouses were built in the Aravalli hills while the cases 10 farmhouses owner are pending in the Court. Requisition was made by the forest department to the District Administration for the appointment of duty
2 comments
Read more

Income Tax Exemption To Owners Of Unauthorized Colonies In Delhi

                                                                                                                            CA Ramesh Agrawal Over 1700 unauthorized colonies in Delhi were regularised in December last year. Owners Delhi’s unauthorised colonies will now get Income Tax Exemption even if they have purchased land or house at rates below the prevailing market price.   The Income Tax Department issued a Notification grating the exemption on any immovable property being land or building, purchased by a resident of unauthorised colony in Delhi NCR and the Central Government has regularised the transactions in favour of resident of such immovable property based on the documents such as latest Power of Attorney, Agreement to Sale, Will, Possession & other documents  if any.   The notification is effective from April 1, 2020 and would be applicable for Assessment Year 2020-21 and subsequent years. The Notification dated June 29 exempts the owners of these properties from paym
1 comment
Read more

RERA takes over the project of the Builder to Complete

Ramesh Agrawal (LL.B. & CA) Chhattisgarh’s Real Estate Regulatory Authority (RERA) has passed an order to hand over the private project i.e., City of Valencia located in “Narada” of Chhattisgarh district to Chhattisgarh Housing Board. This action is to safeguard the interest of plot allotees. Action was taken up against builder Aftab Siddiqui who was reluctant to develop the project & provide even the basic necessities such as Water, Electricity, Sewer, Road, etc. as mentioned in the brochure. Builder prepared a housing project in Narada in 2010 of 1072 plots. Because of the attractive brochure and other unfair means he was able to sell 691 plots and collected over Rs 41 Crores from the public. Instead of developing the project, the builder siphoned off the funds. Project was supposed to be finished by 2015, no development work commenced even after 6 years. Chhattisgarh’s RERA President Mr. Vivek Dhand said that 130 allottees of the project ‘City of Valencia’ located in Narada,
Post a Comment
Read more