If you are buying a new home from the builder then this news is very important for you. Do you know that it is necessary to check whether the project is registered with the Real Estate Regulatory Authority (RERA) or about 74 per cent of the country’s home buyers are unaware of this. This is revealed by the report of MagicBricks.
The report says that these three-fourths of the people do not even know how to check it on Rera’s website. MagicBricks did a survey to find out.
It has been said that Real Estate Regulator Act (RERA) has been made to protect the interests of consumers. This will bring transparency in real estate transactions. But, the information about home buyers’ information is disappointing.
Jayshree Kurup Head of Editorial & Advice of MagicBricks said that in some states the government has acted promptly. Information about the website is being transmitted at the grassroots level. Since a large number of states have not yet worked on their level of law, therefore the awareness of consumers is low.
According to the report, Maharashtra and Madhya Pradesh are among the first states which constituted the Rera Authority. In these states, the website of Rera Authority is running on May 1, 2017. Real estate developers of Maharashtra are registering their projects on the website of Rera Authority. In their ads, they also mention the registration number of the project. Where it is not followed, the regulatory regulator is punishing them.
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