Today, most of the authorities are active to work under the rera act. Karnataka is regarded as the second active state to execute the real estate regulation and development. The real estate regulation and development send the notices to the different projects that constructed in the Bengaluru that registered under that act.
Totally, there are the 953 projects are investigated based on the latest report. The authority checks the project that registered under it or not. In the state of Karnataka, 2,982 projects are registered with this act.
The developers delay in executing the project due to the dilution of the real estate development and regulation act. This will reduce the confidence of the buyers. Apart from this, the real estate developers also affect it. They cannot able to sell the project to the customer.
The implementation of the real estate regulation and development based on the quality of the people that said by the Rajiv Sabharwal MD and CEO of tata capital. The people need the authority to initialize the implementation of the project.
Know more about the RERA act:
It is the most important part of the real estate industry. It is the best act that looks to keep the home buyers and increase the investment strategy in the real estate field. The real estate regulation and development act was established in the year 2016 May.
The main motto of the act is to know the status of the building approval and allow the people to make the decision in a right way. This is the best act in the real estate industry today and offers the reliable and best housing to everyone in the world.
The real estate regulation and development act is the positive impact of the real estate industry today. It brings the possible result to the real estate sector. It gives the expected result as the real estate developer needs.
This will retain the confidence among the property buyers. The developers ensure the quality of construction and complete the project on time without making any delay. This type of act also manages the heavy penalty in case the developers diverge from the promises that give to the buyers when selling the property.
Now, it is mandatory for selling the property to the customer. This is requested for the customer to verify the property registered or not. The people never face the trouble in the property and also give the complaints to the required authority.