Enquiry Form
Name
Mobile
email
image image image
RERA setting new precedents for Real Estate
Date: 04th October 2021 | Blog

RERA setting new precedents for Real Estate

RERA sets the groundwork to clean the real estate practices in India

As we usher in a new day and age for India, the last decade provided the seeds of growth for India on a path to becoming a superpower. Our brightest minds are pioneering and treading new ways across industries. Be it steering multi-million dollar organisations as the CEO or CFO to building bright new start-ups, there's much to be proud about, for the unique amalgamation of communities, that is India.

Like the strides in several industries, the real estate space has woken up to a new age of compliance and accountability with the establishment of RERA (The Real Estate (Regulation & Development) Act, 2016) which came into effect on 1st May, 2017, to help standardise several practices in the real estate world and thereby also provide you, the buyer with some credible backing to stand against any errant realtors.

Not so long ago were the days when builders and realtors made false promises and lent a deaf year to the complaints of their buyers. With the establishment of RERA and its Regulatory Authorities (RAs) across states in India, realtors now need to follow through in strict adherence to the policies of the act, which have been compiled keeping the buyer in mind.

While the pre-RERA days of buying a new home might still haunt many of you, like challenges of getting possession of your homes in time to navigating through layers of misinformation or to get your requests heard. With RERA, you can certainly breathe an air of relief.

Let's look at some of the aspects of this Act and how they benefit you, the buyer:

Information and Transparency: Often times, you would have heard your friends and relatives harrow on about having been promised something and then dumped when they got the delivery of their homes; stories of realtors promising wonderlands, who failed to satisfy even the mediocre basics. RERA has taken charge to ensure that realtors keep to their word. This means no false advertising, no hidden costs and unexpected changes in timelines or project plans. It means clarity on development layouts, schedules and timely updates to keep you abreast with the building of your home.

Allocation, Misappropriation of Funds and Charges: While construction and development of residential and commercial projects is a mammoth task, a good builder is expected to be conscious in their allocation of resources and funds to ensure they meet the expectations of their buyers. Although, all too often we have heard of builders allocating funds from one project to another which in fact is incorrect as it causes delays or resource shortages on the projects for which the funds were allocated in the first place. Under RERA, Authorities have come up with a simple way to tackle these cases of misappropriation that have affected so many projects and home owners, some who have had to wait more than 7years to get the keys to their homes, due to construction delays on their projects. From now on, all builders and promoters have to deposit funds into escrow accounts and can only utilize those funds for the project they are intended for. RERA having registered information of the builders and their projects will maintain stringent checks to ensure these rules are followed. What's more, realtors can no longer levy exorbitant booking charges from potential buyers. RERA has restricted the same to a maximum of 10% on the property cost unless and until a registered sale agreement between both parties is signed.

Quality and Promise: Any real estate project since the establishment of the act and also on-going projects started prior to the act coming into effect, have to be registered under RERA and builders have to submit all plans, resource estimations and other particulars before commencing on the project. RERA then reserves the rights to scrutinize any changes proposed by certified architects, planner and chartered accountants to ensure there is no foul play. If found, Regulatory Authorities, can impose significant penalties on the builders and promoters and in some cases even compensatory payments to the buyers for inconveniences. Furthermore when a project is completed, RERA will conduct an inspection to make sure the builder has abided by the proposed plan and promised level of quality. As a buyer, you also have a 5 year window to raise any quality complaints on the development to RERA authorities who will then conduct an investigation to determine the appropriate actions.

A Governing Authority: Being one of the first acts registered in the real-estate space, RERA aims at providing a veil of protection for real estate buyers. The authority requires all realtors, builders, agents and consultants operating in the real estate space to register themselves with their respective state regulatory body and thereby agree to abide by the prescribed rules and regulations of the act. This establishes authenticity of promoters, real-estate owners and agents.

RERA dawns an age of accountability for Real Estate businesses and safeguards the rights of buyers, thereby levelling the playing field. We look forward to more developments in the space of real estate policies and will be sure to keep sharing new updates with you, our readers.

If you would like to dive deeper into the clauses and provision of the act along with its benefits, we recommend checking the following article:

https://economictimes.indiatimes.com/wealth/real-estate/rera-sets-the-ground-rules-to-clean-up-the-real-estate/articleshow/58453059.cms

Business Bay

Business Bay

Office Parks

VIEW DETAILS
EON Free Zone I

EON Free Zone I

Office Parks

VIEW DETAILS
EON Free Zone II

EON Free Zone II

Office Parks

VIEW DETAILS
World Trade Center

World Trade Center

Office Parks

VIEW DETAILS
Emerson Innovation Center

Emerson Innovation Center

Office Parks

Siemens

Siemens

Office Parks

Panchshil Vantage

Panchshil Vantage

Office Parks

VIEW DETAILS
Raaya by Atmosphere

Raaya by Atmosphere

Hospitality

VIEW DETAILS
Trump Towers

Trump Towers

Residential

VIEW DETAILS
YOO Villas

YOO Villas

Residential

VIEW DETAILS
yoopune

yoopune

Residential

VIEW DETAILS
Satellite Towers

Satellite Towers

Residential

ICC High Street

ICC High Street

Retail and F&B

VIEW DETAILS
SOHO Street

SOHO Street

Retail and F&B

VIEW DETAILS
Business Bay

Business Bay

Office Parks

VIEW DETAILS
Panchshil Business Park East

Panchshil Business Park East

Office Parks

VIEW DETAILS
Tech Park One

Tech Park One

Office Parks

VIEW DETAILS
EON Free Zone I

EON Free Zone I

Office Parks

VIEW DETAILS
EON Free Zone II

EON Free Zone II

Office Parks

VIEW DETAILS
World Trade Center

World Trade Center

Office Parks

VIEW DETAILS
ICC Tech Park

ICC Tech Park

Office Parks

VIEW DETAILS
ICC Trade Tower

ICC Trade Tower

Office Parks

VIEW DETAILS
The Pavillion

The Pavillion

Office Parks

VIEW DETAILS
Panchshil Business Park West

Panchshil Business Park West

Office Parks

VIEW DETAILS
Futura

Futura

Office Parks

VIEW DETAILS
The Chambers

The Chambers

Office Parks

Panchshil Tech Park

Panchshil Tech Park

Office Parks

Eleven West

Eleven West

Office Parks

VIEW DETAILS
Cummins India

Cummins India

Office Parks

Emerson Innovation Center

Emerson Innovation Center

Office Parks

Bajaj Brand View

Bajaj Brand View

Office Parks

AXA Business Services

AXA Business Services

Office Parks

Suzlon One Earth

Suzlon One Earth

Office Parks

Bajaj Finserv

Bajaj Finserv

Office Parks

NVIDIA

NVIDIA

Office Parks

Siemens

Siemens

Office Parks

EON West I & II

EON West I & II

Office Parks

VIEW DETAILS
Panchshil Business Hub

Panchshil Business Hub

Office Parks

VIEW DETAILS
Eastside

Eastside

Office Parks

VIEW DETAILS
Panchshil Vantage

Panchshil Vantage

Office Parks

VIEW DETAILS
Panchshil Tech Zone

Panchshil Tech Zone

Office Parks

VIEW DETAILS
EON Hyderabad

EON Hyderabad

Office Parks

VIEW DETAILS
Panchshil Avenue

Panchshil Avenue

Office Parks

VIEW DETAILS
The Golden Bell I

The Golden Bell I

Office Parks

VIEW DETAILS
The Golden Bell II

The Golden Bell II

Office Parks

VIEW DETAILS
The Xchange

The Xchange

Office Parks

VIEW DETAILS
West View

West View

Office Parks

VIEW DETAILS
The Ritz-Carlton

The Ritz-Carlton

Hospitality

VIEW DETAILS
JW Marriott

JW Marriott

Hospitality

VIEW DETAILS
Raaya by Atmosphere

Raaya by Atmosphere

Hospitality

VIEW DETAILS
Marriott Suites

Marriott Suites

Hospitality

VIEW DETAILS
Courtyard By Marriott

Courtyard By Marriott

Hospitality

VIEW DETAILS
Aloft Bengaluru Whitefield

Aloft Bengaluru Whitefield

Hospitality

VIEW DETAILS
Oakwood Residence

Oakwood Residence

Hospitality

VIEW DETAILS
Radisson Blu

Radisson Blu

Hospitality

VIEW DETAILS
DoubleTree by Hilton

DoubleTree by Hilton

Hospitality

VIEW DETAILS
Trump Towers

Trump Towers

Residential

VIEW DETAILS
YOO Villas

YOO Villas

Residential

VIEW DETAILS
yoopune

yoopune

Residential

VIEW DETAILS
EON Waterfront

EON Waterfront

Residential

VIEW DETAILS
Panchshil Towers

Panchshil Towers

Residential

VIEW DETAILS
SOHO

SOHO

Residential

VIEW DETAILS
Avant Garde

Avant Garde

Residential

VIEW DETAILS
Waterfront

Waterfront

Residential

VIEW DETAILS
One North

One North

Residential

VIEW DETAILS
The Address

The Address

Residential

VIEW DETAILS
Ssilver Woods

Ssilver Woods

Residential

Satellite Towers

Satellite Towers

Residential

Forest Castle

Forest Castle

Residential

Queens Court

Queens Court

Residential

Casa 9

Casa 9

Residential

Balewadi High Street

Balewadi High Street

Retail and F&B

VIEW DETAILS
The Pavillion

The Pavillion

Retail and F&B

VIEW DETAILS
ICC High Street

ICC High Street

Retail and F&B

VIEW DETAILS
Cityhub

Cityhub

Retail and F&B

VIEW DETAILS
Spazio

Spazio

Retail and F&B

VIEW DETAILS
SOHO Street

SOHO Street

Retail and F&B

VIEW DETAILS
Quality

ESG (Environmental, Social, Governance) Initiatives

Panchshil's focus on innovative solutions encompasses quality, environment, health, and safety. Sustainability is central to the building design and development process. There is a strong commitment to preserving the natural habitat in operational areas, promoting diverse flora and fauna, and participating in the restoration of natural water resources. Strict adherence to USGBC LEED Core and Shell Green building principles is maintained, which includes energy and water efficiency, superior indoor air quality, innovative building design, and optimizing material and resource efficiency. Small changes, such as adopting paperless systems, using green-certified cleaning solutions, and investing in renewable energy infrastructure, significantly contribute to sustainability efforts.

Social Initiatives
Active engagement in social initiatives by Panchshil reflects a commitment to positively impacting the community. Key focuses include promoting education by constructing and renovating school and college buildings, supporting rehabilitation centres for hearing-impaired children, and contributing to the establishment of digital libraries. There is also encouragement for literature in regional languages and the sponsorship of student scholarships. In rural areas, access to quality education is promoted. Additionally, sponsorship of marathons and individual athletes supports a healthy lifestyle for all.

Employee Welfare
Panchshil is committed to fostering trust among employees and ensuring equal opportunities for their growth and development. Creating a positive work environment is a priority, achieved by implementing programs that support individual growth, prioritize good health and enable a healthy work-life balance.

Governance Structure
Panchshil's robust governance structure includes an ESG steering committee that ensures adherence to a comprehensive code of conduct. This code encompasses conflict of interest policies, whistleblower policies, human rights, data security, and strict legal and regulatory compliance. Additionally, there is a focus on creating a safe and inclusive work environment by preventing harassment and promoting equal opportunities.

Group Philosophy

Group Philosophy

We are driven by the passion to bring the world to Pune. We endeavor to maintain high quality standard in architecture that not only adapts in harmony with its surroundings but also promotes life, creativity and happiness. With cutting-edge technology and innovative construction practices, we aim to build developments that transform luxury and bring excellence to the fore, commanding appreciation in value and identity. We believe in incorporating designs that endure and quality that outlasts, setting new benchmarks in terms of sustainability and customer centricity for the real estate sector.

Enquire Now