According to the real estate experts, Real Estate Regulatory Authority (RERA) will successfully empower and strengthen the homebuyers, the only condition being that they have to be aware, updated and willing to participate.
People are in focus to take some important initiatives in order to make the execution of RERA successful and efficient in the country. They should keep themselves educated, updated and aware about the rights and power they will have in RERA.
After the implementation of RERA, homebuyers can raise the issues they have been facing, if any, because of developers, promoters and anybody linked with the project. The act also holds the power to completely cancel a project if any major dupe or default is found out.
RERA compulsorily asks the projects to provide different certificates to get the loan. All the certificates from Chartered Accountants, engineers and also the architects have to be attained to get the approval for the project. Homebuyers should also be aware that they have to check these certificates before planning to buy that flat.
RERA has become like a savior for banks. Banks will be able to monitor the loans given to the developers in an easy way.