back to listsBy Hallmark
Buying a home is a big milestone, requiring a significant financial and emotional investment.
However, the real estate industry has seen its fair share of difficulties, such as project
delays, deceptive ads, and unethical practices that have left many homebuyers exposed. To
address these concerns and protect buyers' rights, the Indian government enacted the Real Estate
(Regulation and Development) Act, 2016 (RERA). This blog will dig into the importance of RERA in
protecting homebuyers' rights and illuminate how all Hallmark Builders' projects proudly conform
to RERA requirements.
The Real Estate (Regulation and Development) Act of 2016 is a significant piece of legislation aimed at increasing openness, accountability, and efficiency in the real estate market. RERA creates a regulatory authority in each state and union territory to oversee real estate projects, assuring adherence to guidelines, protecting buyers' interests, and offering a dispute resolution system. The Act applies to both residential and commercial developments, providing it with a complete consumer protection framework.
The emphasis on transparency is a crucial component of RERA. Developers are required to disclose correct project data, deadlines, approvals, carpet area, and financial disclosures. This enables homebuyers to make informed selections based on trustworthy and transparent information, reducing the danger of fraudulent practices or deceptive advertising. RERA ensures that before making an investment, buyers have access to complete and accurate information.
RERA requires that all real estate projects exceeding a particular threshold be registered with the appropriate state regulatory authority. This registration process requires project-related information such as land titles, approvals, layout plans, and financial disclosures. RERA intends to eliminate unauthorized projects and encourage only those that comply with legal and regulatory criteria by requiring registration. Furthermore, the Act puts severe fines on developers for project delays, ensuring that homes are completed and delivered to buyers on time.
RERA requires developers to keep a separate escrow account for each project to protect purchasers' financial interests. This account must receive a certain percentage of the monies collected from buyers, and the amount can only be withdrawn in proportion to the project's completion. This system prevents cash from being diverted and assures that money provided by buyers is used strictly for project development, increasing financial security for homebuyers.
RERA requires developers to keep a separate escrow account for each project to protect purchasers' financial interests. This account must receive a certain percentage of the monies collected from buyers, and the amount can only be withdrawn in proportion to the project's completion. This system prevents cash from being diverted and assures that money provided by buyers is used strictly for project development, increasing financial security for homebuyers.
Finally, the Real Estate (Regulation and Development) Act of 2016 (RERA) plays an important role in protecting homebuyers' rights by fostering transparency, accountability, and efficiency in the real estate market. RERA has greatly improved consumer protection by establishing regulatory authorities, requiring project registration, assuring timely completion, and offering dispute resolution processes.
Hallmark Builders recognizes the importance of adhering to RERA requirements and prioritizes the interests of its clients as responsible builders. All Hallmark Builders projects proudly display RERA approval, informing homeowners of the company's dedication to openness, accountability, and on-time delivery.
Individuals can invest in properties with confidence, knowing that their rights and interests are protected, thanks to RERA acting as a protective shield for homebuyers. Homebuyers should expect a more secure and transparent buying experience as the real estate market evolves under the protection of RERA.
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We are yet to get our flat, but as of now overall construction is going on as the way they promised. Coming to sales teams,Thanks to Rohith, we have got every support we wanted. He is very friendly and well mannered. It has been a very good experience with Rohith and Hallmark ...till now ... We expect the same in future too.
Hallmark is the brand well known for their excellency in building high quality projects with great architecture and delivery on-time. Hallmark Treasor is one of the best luxurious high-rise residential projects strategetically located in Kokapet area with pretty good connectivity to IT corridor, ORR, international schools, multi-speciality holspitals, and malls. Project has great aminities that suits to all your family needs. With lot of research and dreams to buys our future nest, we finally selected Hallmark Treasor as our best match and booked the flat. We are super happy with the kind of support that we got from staff (expecially Mohammed Irfan) who helped us in explaining every detail about project, answered all our questions patiently, and closed the deal with best price in the market. Thanks to Hallmark and looking forward to see ourself in our future nest.
In this locality of Narsingi this si the best project, the kind of build quality or the materials that they are using is really good, from a landscape standpoint it's very spacious. The seem very promising to handover by Dec. Besides this the entire process of finalizing this project has been seemless with help of sales team . Speacial thanks to Venkat and Pramod who has advisors as well.
I am one of the owner and i can tell you the quality they are giving is very good, it’s located near to new orr exit which is very useful and in future we are expecting metro station as well in narsingi. Near by you will get everything. CRM team Nagarjuna and Nitish are helpful from there end and from sales team Venkat and Pramod were helpful during purchase. I liked the floor tiles they used. Even bathroom fittings are very good. Little bit disappointed with the deadline of the project.
I am sharing my experience with HallMark builders. They are the premium builders in hyderabad. I went for site visit and the way they explained about the property has resolved all my doubts regarding the property. They have helped my all queries regarding the construction, developement, etc. They have good construction quality, on time delivery, good customer queries response, very nice amenities. Overall one can be very much satisfied when comparing to other builders.
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