Before booking from any residential plots for sale in Bangalore, make sure the builder and project is registered with RERA. RERA is one absolutely important Act that has made a great impact on both realty developers and buyers.

1. RERA – Its Importance And Impact
Introduced in the year 2016, RERA has proven to be a huge advantage for each
one looking to buy a home, but is fearful of getting trapped amidst the plaguing
real estate market. Fraud builders and agents have been manipulating the
market since years, leading to numerous real estate scams. But, the fact is that
all such scams and frauds have been doable only because of the weak regulatory
framework, where there have been no standard pricing policies, or other rules
that need to be followed by builders or buyers. To end all such fraud, and bring
transparency and genuity to the real estate market, the Indian Government
finally decided on introducing a proper system, which came to be known as the
Real Estate Regulation Act (RERA).
What is the RERA Act about?
The purpose of the RERA Act has been to bring about accountability and
transparency in the real estate industry with strict and fair rules for all. This will
bring to the forefront only genuine builders, thus keeping property buyers at
peace, assuring that they get hold of only legal land that is free from illegal
construction, title frauds, deliberate delays, false promises, and much more.
As per the Act, every builder, broker, real estate agent, and promoter is required
to officially register themselves as well as their projects with RERA, before

2. beginning any kind of construction projects that are more than 500 square
meters, or eight apartments. There should be complete details about the
project, starting from the project title, type, and location, to the carpet area,
floor plans, date of completion, and every other important aspect. Further,
every developer should compulsorily apply for the completion certificate within
the mentioned time frame.
For strict enforcement of all the proposed RERA rules, every state’s Real Estate
Regulatory Authority takes care of the law implementation, and all the
complaints of the buyers and investors.
How has RERA benefitted the buyers?
Complete access to every project detail
Thanks to RERA, buyers can now have complete access to every project detail.
Before purchasing, buyers can go through every detail of the project they wish
to invest in, from the RERA website. This includes the project title, location,
square feet, layout, and everything else.
Perfect calculation of carpet area available
Within the RERA registration, builders need to mention the carpet area of every
room in the house, which means the area without the walls of the room. This is
a major advantage for the buyers as there is always a possibility for a 30-60%
difference between the carpet and saleable areas. With the RERA registration
details, buyers can get to know the exact area of each room they’ll be receiving.

3. Updated information at all times
As per the RERA Act, builders are required to keep updating the project’s
progress from time to time. The current state of the project, every three to four
months, should be updated, in order to keep the buyers informed.
Notifications for any kinds of changes and tweaks
Oftentimes it is seen that builders keep making changes to their projects to save
money, even after taking the complete amount from buyers. Buyers can do
almost nothing to fight this wrongdoing. But, thanks to RERA, this kind of
cheating has now become a punishable offense. RERA requires that any changes
to be made to the project must be mentioned on the site, and must first be
approved by at least two-thirds of the buyers. Even after approval, the new
altered plans and layouts need to be uploaded to the site before executing them.
Project completion within the timeframe
RERA necessitates that the project be completed within the agreed-upon
deadline. On failing to do so, the builder is mandated to either return the entire
money to the buyer along with the interest, or pay interest for every month that
the project gets delayed. In any way, this benefits the buyers, as most of the
times this results in completion of the project on time; and if not, buyers at least
get a good sum of compensation for the delay.
Proper management of money invested
As per RERA, 70% of all the investments and advance payments that buyers and
investors pay to the builder must be stored in a separate bank account. In
addition, a clear account of how the money is being used also needs to be stored

4. here. This way, the money invested in one project cannot be used elsewhere;
hence buyers know that their money is going exactly where it needs to go.
Complete support for complaint registration
Finally, RERA also supports buyers to address any complaint they have against
the builders; something that hadn’t been possible before the Act came into
existence. RERA gives complete authority to the buyers to file a complaint about
any big or small issue, thus supporting them to handle any matters of dispute
between the builders and buyers. And, after the RERA regulators give any order
to the builders regarding the buyers’ problems, they must follow the order, and
rectify the same within two months.
What impact has RERA made on builders?
RERA requires every builder to register themselves, as well as their projects, with
complete detailed information. The RERA authorities then cross-check all the
details before approving them. This keeps realty developers from committing
any frauds, thus eliminating all fake and deceitful developers, thereby giving
opportunities to only the right builders. In addition, buyers will go through all
the previous projects of a builder before investing in their new project. This
brings to reputed builders, with multiple previous projects, a possibly higher
market share. In this way, RERA has also proven to be an advantage for genuine
builders, against other fraud realty developers. One such genuine reputed
builder is MJR Builders, who has been delivering happiness and satisfaction to
customers since almost two decades. Now, we’ve come up with our new MJR
Opus scheme, where we’re offering residential plots for sale in Bangalore,
strategically located on Bagalur-Sarjapur Road, with all kinds of amenities you
may require, such as amphitheatre, kids play area, club house, park, cricket
pitch, swimming pool, and lots more. When you’re looking for a home that is
beyond a retreat, you can always get in touch and book your favourite spot at
these acres of peace, nestled in greenery and tranquillity!