RERA – A Game Changer: 3 Key Trends in Commercial Real Estate in Noida

“RERA aims at promoting growth of the real estate sector. It aims at providing transparency. It doesn’t hide anything from the sellers so that it can build trust among the buyers and sellers. In other words it creates an environment of professionalism.”

It is almost two years now since the Real Estate (Regulation and Development) Act, (RERA), came into force in parts and two years since it came into force in its entirety across India.

Here below, three such key trends are going to be discussed which are likely to be visible in the commercial real estates of Noida as well. These are as follows:

1.     Compulsory Registration: 

•        According to the central act, every real estate project (where the total area to be developed exceeds 500 sq. mtrs. Or more than 8 apartments is proposed to be developed in any phase), must be registered with its respective state’s RERA.
•         Existing projects where the completion certificate (CC) or occupancy certificate (OC) has not been issued are also required to comply with the registration requirements under the Act.
•         While applying for registration, promoters are required to provide detailed information on the project e.g. land status, details of the promoter, approvals, schedule of completion, etc.
•         Only when registration is completed and other approvals (construction related) are in place, can the project be marketed.

2.     Title Representation:

•    Promoters are now required to make a positive warranty on his right title and interest on the land, which can be used later against him by the home buyer, should any title defect be discovered.
•       Additionally, they are required to obtain insurance against the title and construction of the projects, proceeds of which shall go to the allottee upon execution of the agreement of sale.

3.     Standardization of Sale Agreement: 

•    The Act prescribes a standard model sale agreement to be entered into between promoters and home-buyers.
•     Typically, promoters insert punitive clauses against home buyers which penalized them for any default while similar defaults by the promoter attracted negligible or no penalty.
•     Such penal clauses could well be a thing of the past and home buyers can look forward to more balanced agreements in the future.

   How you can be benefited from Anthurium?

• In connection to the earlier discussion one can highly mention the name of Anthurium, which is a commercial property that can aid investors and buyers to avail maximum benefits from their property for sale in Noida for commercial purpose. 

• It is the new commercial project in Noida, located in the central location of sector- 73, offering smart digital offices and virtual offices for businesses. The place is situated at the most convenient location for both the employees and the companies.  

• Moreover, Anthurium also offers fully equipped offices allowing business owners to get maximum benefits from their investment following all the terms and conditions of RERA, these days. 

• Therefore, it should be kept in mind that all the benefits pertaining to RERA will also be available here at Anthurium in Noida.

From the promoters of The Corenthum & I-Thum

http://www.anthurium73noida.com/

info@anthurium73noida.com

Plot No. 03, Sector 73, Noida, 201301, (U. P)

For Details Call Us Now:- +91-8750620008