Home Owner Concerns Due to Poor Implementation of RERA

Property investments over the years has provide great means of getting profitable for a future which is everything but certain. Residents are now gradually transitioning from living as tenants to real-time home owners. At some point or the other, one has to realize the importance of owning a house. This is not only an asset, it even carries sentimental value as your family can count on something in case of unforeseen circumstances. Concorde Mayfair by Concorde properties is one such project that is precisely located at Medahalli in Bangalore. The city has shown tremendous developments in the real estate sector and has attracted realtors as well as aspiring investors for obvious reasons. With the introduction of government regulatory bodies like RERA and tax reforms such as GST, the demand for affordable housing has increased significantly.

 

Concorde Myafair Project in Medahalli Bangalore.
Concorde Mayfair

 

Residents are now flocking to emerging parts around Bangalore to look for affordable residential projects that meet their requirements. It is also important that the investors take their time, consult with expert real estate advisers before arriving at such crucial decisions. Residents, especially first-time investors plan on consulting real estate brokers and start-ups for their investment needs as it is considered affordable. However, it is clearly observed that most of the real estate brokers set expectations that are often not met. This results in negative perceptions in the minds of aspiring investors which isn’t healthy for the industry. After the implementation of RERA, things have taken a turn for the better. Realtors are forced to change marketing strategies to adhere to strict norms in order to cater to individual residential requirements. However, the transition is not been easy. Realtors as well as investors are adversely affected because of this change. Let’s now look at some aspects that should be looked with utmost caution so residents aren’t affected when they make property investments.

Maintain complete transparency regarding project specifications and corresponding legal documents

Before the implementation of RERA, residents who approached or queried about different properties that interested them, there was no transparency that was maintained. They were given instructions on how the project would pan out. Residents need some assurance of how the project would develop in various stages so they would know about the scope of future returns on their investment. Back before the policy was implemented, residents weren’t even sure of who owned the land and how the ownership was transferred from the owner to the property developer. Poor implementation of such policies has created ambiguity in the minds of residents which will affect the credibility of the project.

Effective and timely delivery of project deadlines

This is by far a grave concern that customer face when it comes to property investments. Timely delivery of project is important as investors plan their budget and expenses accordingly. The RERA law states that every legal document should be provided so resident know all the terms and conditions involved and if the date of completion of the project exceeds the deadlines which is furnished on paper, the realtor is liable to heavy fines and consecutive penalties.

Online portals with incomplete information

After the implementation of the policy, RERA had come up with benefits for investors where they needn’t be at the site to know all about the rules and regulations. Residents can stay at home and get all the RERA-related information by a click of the mouse. However, there is a catch here. In most of the regions across the country, the online portals that were used to gather information were incomplete and investors were left with details that weren’t complete. This delays the booking process and impacts customer buying behavior in a negative way.

Concorde Mayfair is located to perfection at Medahalli and the project promises to deliver on time without compromising on resident safety and well-being. Every legal document is shared with customers who visit the site so they experience the floor plans and have an entire tour of the property to understand surrounding social infrastructure developments as well.

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