New Delhi finally gets a dedicated Real Estate Regulator

This last week has been really exciting for the real estate industry in the capital, Delhi. Delhi LG Anil Baijal went ahead and has appointed Mr. Vijay S Madan, an ex-civil officer, a full-time regulator under RERA in Delhi. This is certainly a welcome move as it will protect the interests of the residents and home-buyers in New Delhi.

The confirmation of the appointment arrived during a RERA workshop which was organized by the Ministry of Housing and Urban Affairs in Delhi. A statement made by the Lieutenant Governor, Delhi, broke the news of the appointment. Along with Mr. Madan, Mr. Ramesh Chandra and Mr. Gyan Prakash Srivastava are the two other members of DRERA. The Lieutenant Governor also stated that the appointment is “a highly positive step” for the real estate sector as well as home-buyers in Delhi.

How does New Delhi getting a RERA regulator affect your decision to buy a house?

RERA (or Real Estate Regulation and Development Act) was enacted by the parliament two years ago, where states were given authority to notify the existing regulation on the sector and appoint regulatory authorities suitable for the job.

Such regulating authorities will bring the much-needed stability, framework, and standards to the real estate industry. Technology like open-end software is supposed to be used to provide a connected network throughout the country.

What this move means for prospective buyers?

1. A lesser probability of scams

There are lesser ways to fool buyers now as a real estate project has to be registered with RERA to put out advertisements or billboards. This means that fake or non-genuine projects will be weeded out in huge numbers.

2. Consent is important

You have to be informed about any minor addition or alteration in case you sign up for a flat by the developer. Without your consent, no addition or changes of any sorts can be carried out.

3. Customer is KING

You can voice your dissatisfaction with the project easily, more so, if timely completion of the project is not ensured.

4. Safer and better construction

You can be assured that better construction material will be used in the building as all projects fall under a liability period up to 5 years.

5. Free flow of information

You cannot be left in the dark about your own flat anymore. You can now ask the project developer for all the government approvals for the project, the layout, subcontractors and other kinds of information.

This step of appointing a full-time regulator for New Delhi has got a lot of us heave a sigh of relief – from potential buyers to genuine, honest real estate developers like Gulshan Homz, who now are liable and answerable for their projects.

This news was originally published at Squareyards.