How RERA Impact Home buyers in Telangana State

 

What’s all about RERA in India

All-about-rera-and-advanatages-to home-buyer
Rera In India

The Real Estate (Regulation and development ) Act 2016, has been implemented by the government of India. As per the RERA, all states must and should appoint a real estate regulatory authority to ensure the purposes of the act are fulfilled and this has brought a major change in the industry and RERA   impacts Home buyers, let’s go through..

History of Rera

In January 2009 a law was proposed to regulate the real estate industry by National conference of the minister of housing urban development and Municipal affairs. After many years finally, Real Estate Regulatory Authority bill was introduced by UPA government in 2013 and in 2 years union cabinet of India had approved 20 amendments to the bill based on the recommendations of Rajya Sabha committee and then it was passed by both the houses and approved by the president of India in March 2016.

RERA Act in  India

The Real estate  (Regulation & Development ) Act is set to become effective across all the states from 1st May 2017.

RERA Act in Telangana State 

The government of Telangana notified the Telangana state real estate  (Regulation and development ) rule 2017 vide G.O.H.S.NO.202, Dated 31st July 2017 to have regulation and promotion of real estate sector in Telangana state and rule came into force from 4th Aug 2017.

Objective of RERA

The main objective of RERA is to protect customers especially through the period of the construction of the project, here are few purposes of RERA Act

  • To establish regulation and promotion of the real estate sector
  • To ensure Transparency and efficiency in selling real estate
  • To protect the interest of consumers and establish transparency in buying flats through the builder
  • To publish and maintain all the records of builders or real estate projects so that agents or public can view the same

Who all will come under this RERA Umbrella

Following people from the real estate Industry need to register must and should

  • Builders
  • Real Estate Agents
  • Companies who sell Flats/ Plots/Lands.

RERA Advantages for citizens/ Buyers

Under RERA citizens shall be provided following services

  • Complaints Filing
  • Online Access to get project details

with above advantages, any buyer/citizen will know the time to time updates about the project and if any issues in construction or possession extension, buyers can always make a complaint and therefore action will be taken accordingly, and few other advantages are as follows

  1. To standardize all real estate transactions
  2. To bring More transparency
  3. To setup grievance readdressed form
  4. To protect the interest of Consumers / Builders/Intermediaries
  5. If any Minor changes or alterations, information would be provided upfront to the buyer

RERA Advantages for promoters 

Under RERA promoters shall have to register all commercial and residential real estate projects with TSRERA, except

  • Area of land proposed to be <500 square meters.
  • The number of apartment proposed to be developed does not exceed eight inclusive of all phases.
  • permissions were approved prior 1st January 2017.
  • Which does not involve Marketing /Promotion/Advertising/sales and there on only working on renovation /redevelopment

Without TSRERA registration no project will be legally liable for construction /selling/buying, and no prior launch or promoting through advertising or by any such means before registration.

VERDICT

So the good news would be for home buyers where there are many benefits in buying a new Home/ land as builders, companies and real estate agents are not eligible to give any kind of false information during the buying process.

So Plan for a new home purchase in which Builders / Companies/ Agents whom they registered under TSRERA, and if you are planning to buy a second or preowned flat, we at homecheck help you to do the diagnosis of your flat and check the condition and quality and gives you complete home inspection report.

 

 

 

 

 

Top 10 parameters to check before buying dream home

Are you Looking to buy a dream home ?

Home -inspection-services-Hyderabad

Location Identifying –

Identifying of location is the major factor in buying a dream home , it varies from person to person , here  are some of most important that one needs to be consider

  • Near to schools
  • Near to shopping malls
  • Near to Hospitals
  • Near to corporates or companies
  • Near to markets

Commercials

Once we are settle down with location , need to check on the surrounding trend on prices and match with your apartments where you are finalized

Flat Area

Flat-area- measurement-services-hyderabad

Don’t get Overwhelmed by the carpet area which will be provided by the builder , as there will be many hidden things which varies from builder to builder , Try to check whats the exact Built -up area, super -built up area and Carpet area . this will avoid extra burden on your pockets .

Land Record

once the negotiations done with the builder , Try to get the land record papers and check the people who are involved , this is the key for legal verification

Builders Track record

This is far more important as one will be having plans in shifting to dream home according to builder time lines which were promised when the building is under construction , but when it comes to reality things got delayed and plans wont work on the buyer side , so before getting in to deal try to check with following criteria

  • builders credentials through online , through his portal followed by reviews section
  • other constructions of the same builder with in the city  and try to speak to the people who are residing there ,
  • if he is individual and new builder track on date construction with the actual plan , this will give complete peace of mind during possession.

Possession Date

Before getting into agreement check with the builder on which date he will complete all the works and handover to the residents for occupying along with lift, flats along with amenities

 

Quality of construction

As a layman finding out construction quality of an apartment would be difficult to find, as this varies from New flat Vs Resale flat , we try to give some key points

New Flat purchase – so buyer should should have  regular visits to apartment and checking what kind of material they are using and how workers working in your flat area and the brands which promised for sanitary, washbasins,Taps, Switches and wiring and other safety measures

Resale flat Purchase – As this would be old construction , we might not found what all they used during construction and best way to find out is to speak to couple of residents or neighbors or get in inspection with quality home inspectors as they will find out all minute details pertaining to  flats or individual buildings

Builder Buyer agreement

So once you are done with the check list and buyer liked the property , the key area would be getting agreement done with both the party’s signature. This has be thoroughly checked as most of the terms will be available like Land area share and  payment terms and flat area .

Financing banks

Once agreement is done and time to reach banks , either you can go with your own bank , or banks that already approved the building , buyer might have advantage if they choose banks that already approved apartments.  As documents were already approved and verification was done , and buyer should collect all the documents from builder and keep a photocopy  like link or other related documents as you wont be getting while applying loan with approved banks.

Drainage connectivity

Most of the builders would be leaving at this point as these things are again related to government or municipal permissions , so builder will be delaying and this will effect when you take the possession , so try to be smart in finding  it out upfront more than delaying

We tried to give some of the legalities and Inspection things that needs to be done during a new home purchase , we would love to help in inspecting the house and gives you a consolidated report which will be hassle free once you moved in.

 

 

 

 

 

Why your pre-owned flat needs to be inspected before buying?

Are you planning to buy a pre-owned flat 

Buying a preowned flat would be hassle free task when compared to new flat purchase , as you get option of ready to move  Living space in the neighborhood of your choice. But what if you came to know about the hidden issues once you stepped in to the flat , we try to give Reasons why it needs to be inspected in buying a pre owned flat.

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How Structurally fit your flat is ?

tips-purchasing-pre-owned-flat

As you are planning to buy a pre-owned flat , one can not test either soil / cement mix or any other materials which are used during construction of apartment , but One can check the quality of construction throgh following check list.

  • Check for wall thickness according to the owner / old builder  written agreements
  • Check from outer side and inside the house if any cracks or any major breaks or there inside rooms
  • Try to speak to neighbors and get as much as information and check basements and other areas to get better ideas
  • Home check   suggests to get certified by a quality civil engineer to avoid any further issues/repairs which needs to be repaired in later part
  • This will give you a complete piece of mind and any further investment in the near future with respective to structure of the building in pre owned flat purchase

Is your Flat good at wiring and plumbing conditions ?buying-resale-flat-in-Hyderabad plumbing-issues-flats-hyderabad

As a owner one should consider  major two things when buying a resale flat , this can be only identified through a complete home check with respective to electrical and plumbing check 

  • Certified electrician can totally check the wirings inside the flat and the brands used according to builder checklist .if any changes are there, need to be deeply inspected along with switch boards and lights connection to each plug , and ensure no over load to this and the inverter as well if there is any
  • A certified plumber under a civil engineer can do inspection starting from water pressure inside the flat to if any leakages are there , this will help home buyers to inspect much before the possession and will be easy to get repaired

Is there any dampness/Moisture  in your flat ?

 

Home-inspection-Hyderabad

This is yet another key point which needs to be inspected and repaired

  • Home check team suggest you to thoroughly inspect the house by certified quality inspectors as most of the walls will look  good in summer with neat paintings if the existing owner made recently changes in paintings
  • so the challenge would be using Automated tools like Moisture meter and infra red cameras , a home inspector can diagnose the entire flat and gives a complete report on Moisture levels
  • if the readings are abnormal which means it needs to be repaired and this give a complete hassle free repair before moving in.

So by having an  inspection  will be helpful to the home buyer as this not only give confidence on your purchasing process but it also helps you in better negotiation during purchasing process and there on repairing the things at low cost under certified Home Inspector supervision.

If you are planning to buy a pre owned or New flat, please feel free to call for a complete Home inspection and we arrange for inspection according to your availability and provide with proper report with in 4 working days , and you can be rest assured in the purchasing process.

 

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Thinking of purchasing New or resale flat ?

New flat Vs Resale flat

buying-resale-flat-hyderabad

Buying home for most of the people is not just an investment but is like knitting a dream altogether. So it is very important that you should be keenly aware of the all the important aspects of the property that you are going to invest you’re hard earned money into.
Basically there are two types of house property i.e. individual houses and flats. There is a further segmentation in these properties which is new house properties and resale house properties. Generally the purchase price of resale house properties both individual houses and flats are lower than the new ones. But should we consider buying the resale flats? With increased technology and modern construction equipments the process of construction has evolved but the quality is compromised in the most of the cases. It is not uncommon now to find flat owners complaining about their builders in most of the cases.

Following are some of the crucial factors that must be kept in mind and checked before buying resale flats:-

Age of the property-

You should always look out for the flats which are 1 to 5 years or maximum to 10 years old. A flat older than this would require huge renovation and repair works. Moreover, the durability of such flats would not be good as those flats have already endured rough wear and tear for these many years. The higher the age of the flats the more issues lies with the quality of the flats. Below are some quality issues that should be encountered or checked before making the buying decision:

  • Structural design – Understanding the structural design and layouts are a difficult task for a layman but nevertheless you can have a look on the blueprints of the design to get some idea. Is the building structure strong enough to withstand a certain magnitude of earthquake or not? If you are facing problems to check this yourself you can always opt for a third party professional to ensure that everything is fine.
  • Wall thickness – The outer width of the walls should be more than the inner walls and it is important to check whether there is a common outer wall for two flats. This would avoid the future conflicts if you want to make changes in the structure or even when you need to do minor drills in the walls.
  • Water seepage– The most common problem in case of the resale house is the water seepage, it could be anywhere in the walls on the ceiling. The problem is even worse when there happens to be a common wall for two flats which is completely damaged with seepage.
  • Cracks– There may be hidden cracks in the walls and ceilings which need to be checked thoroughly so that you can have an idea of the exact cost to be incurred on renovation. Finding these flaws would be very helpful while negotiating the price of the house property.
  • Plumbing – This is another issue that leads to the major issue i.e. seepage and dampness on the walls and ceiling. As modern houses are created with concealed plumbing fittings it is very difficult to find out the flaws in it and the problem can be aggrieved if timely measures are not taken.
  • Electricity– Like the plumbing fittings most of the new houses have concealed electrical wiring system which makes it difficult to find the problematic areas. There may the case of overloading circuits, low insulation which can even risk your life of the people around. So it is utmost necessary to have electrical wiring checked in both the cases whether it is a resale house or a new house.
  • Flooring –In the resale house the most wear and tear happens to the flooring. There may be cracks or the floor might have become completely slippery which is dangerous. The flooring in the toilet should be particularly checked very wisely as most slipping accidents takes place in the toilet area itself.
  • Reputation of the builder-To have more surety you can even look at the previous projects of the same builder which are much older and just cross check if they are in good condition. It is not always possible to find this out but if you are a good communicator you have an option to indulge in chit chat with some of those flat owners.

    Reason behind the sale-

    It is always good to know, what is the exact reason behind the sale of the house property? Although, enquiring it directly from seller is never a good idea as he might not disclose you the real reason. Giving some surprise visits to the flat and asking the immediate neighbors could help somewhat.

    Sound paper work-

    The most important aspect of dealing in the properties is its documentation. When it comes to a resale flat or house, the need to check the documents and papers increases two fold times. You should thoroughly check if there is any existing lien on the flat or any outstanding charges and fees in the name of the seller before making the buying decision.
    After going through all these checks yet there are things that won’t visible with your naked eyes and would require the help on an expert. A third party certification is always beneficial to avoid any unpleasant surprises later. In India the concept of having the home checked prior to purchase or sale is a new thing but definitely the trend is getting a boost through many upcoming service providers in home inspection , so that you are fully ensured and can make wise decision.
    Whether you do the inspection yourself, hire a third party certification auditor or go for a professional inspection make sure you are aware of all the essential facts associated with it after all its your hard earned money.

Please feel free to reach home check.in to get further details about home inspection and if you would like to have a  civil engineer visit at your flat