For a better part of the last two years there’s been a lot of talk about this new word called RERA. Whether you’re an investor or a homemaker, pretty much everyone has heard about it at some point. But what about Goa? How does RERA affect you if you’re in the long term investment game for making a decent buck in Goa.
Here are 5 things that you should totally check out about RERA ACT that’ll make your investments much more effective.
1. What is RERA?
The Real Estate Regulation Act is the brainchild of the Indian government and was implemented on May 1 2017. RERA seeks to bring clarity and fair practices that would protect the interests of real estate buyers in Goa and also impose penalties on errant builders in Goa and throughout the country.
That’s the basic idea behind RERA. More about it below.
2. RERA is the solution to years of scams in Real Estate
Gone are the days for the underground operators, developers, builders, property owners, fraudsters and easy money makers, to fleece and loot the home buyers and investors. Thousands of gullible investors in the past have lost their money in past due to all kinds of property related scams.
You can now safely browse through future investments (especially in Goa) without having the nagging fear of being scammed. That’s exactly what RERA promises to do for you.
3. RERA – A warranty for your investment
In the past, once the builder sells you the discussed property, that’s usually the end of the story. Whether the building lasts for 1 year or a hundred. You were pretty much in the dark.
But not anymore, RERA makes the developers liable for any structural defects for a period of five years.
2. RERA gets you transparency like never before
RERA makes it mandatory for all project details, including layout plans, land status, government approvals and completions schedules to be uploaded online. It’s now also mandatory for builders to pay 12% interest to home-buyers for any delay in handing over apartments. With buyers losing confidence in the developers, only trusted long-term developers will eventually survive.
1. RERA makes today the perfect time to invest in property in Goa
Think about it, with so much fine real estate popping up in Goa everyday – this is quite literally the best time to get your investor hat on. RERA and Goa simply go hand in hand. Furthemore, Residences like Casa Amora will be worth your investment as the demand for property in the Kadamba Plateau continues to rise sharply. So, Make hay while the sun shines.
Check out the official govt portal for detailed info regarding RERA and how it affects Goa and you.