Buying a property is subject to a big investment. It has been noticed that every builder has its own norms and standard or every builder follows its own set of rules which often bring a lack of transparency in the whole process of buying. The common man generally suffers and face exploitation because of it. Seeing the abundance of cases filed by the buyers in which the rights of buyers had been compromised, the government had enforced the RERA Act in 2016 with the aim to protect the rights and interest of buyers. The RERA Act has not only brought the transparency in the real estate industry and also benefited the builders in numerous ways, but first, we will discuss benefits of RERA for buyers who are planning to buying the luxury apartments in Cochin.

The builder has to give possession on time- Often builders fail to give possession on time. In this case, the buyer has the right to withdraw from the project and the builder has to give a full refund along with the interest. Despite delaying of possession, if the buyer wants to continue with the project, the buyer is entitled to compensation with the interest from the due date of project completion until the project is completed.
The builder can only charge for carpet area- As per the RERA act, the builder cannot charge for the excess area. Earlier, there was no specific method to calculate the carpet area. Every builder had its own set of rules to calculate the carpet area but now RERA act has defined the carpet area. Now, every builder has to follow the RERA act to calculate the carpet area.

The builder cannot use the money in other projects- delay in possession is the result of using the money in other projects by the builder. But now the builder won’t be able to use the money in other projects. This way, the buyers will most probably get the possession of Luxury Homes in Cochin.

The developer should have all clearances before selling the project- it has been observed that buyers have to suffer when the builder sell the project without having all clearances from the government end. Under the RERA act, the builder has to disclose all details regarding the buyers so the buyers can satisfy himself before investing in the property.

Set-up authority to address the grievances of buyers- an authority has been set-up under RERA act that has a responsibility to address the buyer’s grievances. The authority has to resolve the grievances in a certain period of time. otherwise, buyers can file an appeal to Appellate tribunal.

It is mandatory for all developers to adhere to the RERA act and register with the regulatory act. Sobha is one such reputed builder that is committed to protecting the interest and right of the buyers. The company follows the RERA act and ensures the buyers can buy what they see without any complications. Recently, Sobha has introduced Residential Projects in Cochin. If you are looking for 3 Bhk Apartments in Cochin or 4 Bhk Apartments in Cochin, Sobha has the best residential project for you that is packed with all the modern amenities that you expect nowadays.

Reference Url: http://www.imfaceplate.com/sobhalimited/looking-for-luxury-apartments-in-cochin-know-your-rights-according-to-rera-act