Since the introduction of RERA or the Real Estate (Regulation and Development) Act in May 2016, India’s real estate market has undergone a sea of changes. A lot of consolidation and price corrections have happened over the last few months. The move is being seen as a way of introducing a regulator in the real estate industry. The act aims to protect the interests of buyers, investors and to penalize errant builders.
RERA registered projects in Maharashtra
Maharashtra was one of the first states to have notified rules and a regulator. Closer to home, in Pune, many projects are yet to be registered under RERA. Nirman Developers has taken the lead with all its projects being RERA registered – Ajinkyatara for flats on Sinhagad road, Altius for flats in Kharadi, Brookefield Willows for flats in Pisoli, Undri.
Understanding the pros of investing in a RERA registered project
With four RERA registered projects, Nirman Developers is committed to ensuring that the buyers/investors get the following benefits –
Projects cannot be delayed – Many buyers suffer for years on end, as the promoters fail to give possession on the promised date. Under the RERA Act, builders are to pay buyers/investors a pre-agreed interest rate declared in the contract.
Buyer money can’t be used for other projects – 70% of the money collected from buyers has to be transferred to an escrow account. This amount will be disbursed in instalments in agreement with the project’s engineers and registered accountants. Builders cannot use the money raised for one project to fund another project.
Assured quality of construction – The builder is responsible for repairing/restoring any structural or workmanship defects in the said project for a period of five years.
Payment only for the carpet area – The buyers are expected to only pay for the area within the walls of the flat (carpet area) and not the area outside (super built-up).
Nirman Developers is all for transparency and empowering customers by providing value for money homes in terms of quality construction, state-of-the-art facilities and on-time delivery. Explore some of Nirman’s RERA registered projects –