{"id":1187,"date":"2021-01-12T09:56:17","date_gmt":"2021-01-12T09:56:17","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=1187"},"modified":"2021-01-12T09:56:19","modified_gmt":"2021-01-12T09:56:19","slug":"rera-benefits-for-nri-buyers","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/","title":{"rendered":"What are the RERA Benefits for NRI Buyers?"},"content":{"rendered":"\n<p>After the enforcement of the Real Estate Regulation Act (RERA) 2016, the Government has opened the doors for more NRI (Non Resident Indian) investment in the Real Estate Industry. Earlier, the Non Resident Indians use to think twice prior to investing in the Indian Real Estate Sector due to various reasons and dilemmas. But, today, RERA has turned out as a reason behind the increase in NRIs Investment in the country\u2019s real estate sector. In this blog, we will discuss the concept and RERA benefits for NRI buyers.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ca95fd5551\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ca95fd5551\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Concept_of_RERA_Registration\" title=\"Concept of RERA Registration \">Concept of RERA Registration <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Growth_of_Real_Estate_Sector_in_NRI_Investments\" title=\"Growth of Real Estate Sector in NRI\nInvestments\">Growth of Real Estate Sector in NRI\nInvestments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#RERA_Benefits_for_NRI_Buyers\" title=\"RERA Benefits for NRI Buyers\">RERA Benefits for NRI Buyers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#On_Time_Possession\" title=\"On Time Possession\">On Time Possession<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Increased_Level_of_Trust_and_Faith\" title=\"Increased Level of Trust and Faith\">Increased Level of Trust and Faith<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Safe_Investment\" title=\"Safe Investment\">Safe Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Infused_Transparency\" title=\"Infused Transparency\">Infused Transparency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Total_Carpet_Area\" title=\"Total Carpet Area\">Total Carpet Area<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#State_Wise_Distribution\" title=\"State Wise Distribution\">State Wise Distribution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Interest_for_Delay_Possession\" title=\"Interest for Delay Possession\">Interest for Delay Possession<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Builders_Accountability\" title=\"Builder\u2019s Accountability\">Builder\u2019s Accountability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Regular_Updates_on_Construction\" title=\"Regular Updates on Construction\">Regular Updates on Construction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Simplified_Investment_Process\" title=\"Simplified Investment Process\">Simplified Investment Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Administration_by_Regulatory_Authority\" title=\"Administration by Regulatory\nAuthority \">Administration by Regulatory\nAuthority <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/blog\/rera-benefits-for-nri-buyers\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_RERA_Registration\"><\/span>Concept of RERA Registration <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/rera-registration\">Online RERA Registration<\/a><\/strong> denotes a process in which a promoter\/developer and agent obtain registration under the provisions of the Real Estate Regulation Act 2016. Further, the key objectives of this registration are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/To-Infuse-Reliance-and-Confidence-among-all-the-Stakeholders-1024x482.png\" alt=\"RERA Registration Concept \" class=\"wp-image-1191\" width=\"690\" height=\"325\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/To-Infuse-Reliance-and-Confidence-among-all-the-Stakeholders-1024x482.png 1024w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/To-Infuse-Reliance-and-Confidence-among-all-the-Stakeholders-300x141.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/To-Infuse-Reliance-and-Confidence-among-all-the-Stakeholders-768x361.png 768w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/To-Infuse-Reliance-and-Confidence-among-all-the-Stakeholders.png 1500w\" sizes=\"(max-width: 690px) 100vw, 690px\" \/><\/figure><\/div>\n\n\n\n<ol><li>To\nInfuse Reliance and Confidence among all the Stakeholders;<\/li><li>To\nBring the Sense of Comprehensibility. Accountability, and Responsibility in the\nSector; <\/li><li>To\nEnsure Speedy Grievance Redressal;<\/li><li>To\nMinimize the Occasions of Frauds, Scams and Malpractices by Increasing\nCompliances;<\/li><li>To\nConfirm Fair-play and Timely Possession; <\/li><li>To\nEstablish Professional Standards in the Real Estate Sector;<\/li><li>To\nImpose Penalties for Defaults and Delayed Possessions; <\/li><li>To\nPromote the Practice of Good Governance; <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Growth_of_Real_Estate_Sector_in_NRI_Investments\"><\/span>Growth of Real Estate Sector in NRI\nInvestments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to the news published by the Financial\nExpress on 16.03.2020, the total NRI Investments in the Indian Real Estate\nSector will cross the US $13.1 billion in the Financial Year 2021 \u2013 2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RERA_Benefits_for_NRI_Buyers\"><\/span>RERA Benefits for NRI Buyers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The various available RERA benefits for NRI buyers are as follows:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/On-time-Possession-1024x543.png\" alt=\"NRI Buyers RERA Benefits\" class=\"wp-image-1192\" width=\"696\" height=\"369\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/On-time-Possession-1024x543.png 1024w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/On-time-Possession-300x159.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/On-time-Possession-768x408.png 768w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/01\/On-time-Possession.png 1500w\" sizes=\"(max-width: 696px) 100vw, 696px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"On_Time_Possession\"><\/span>On Time Possession<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The implementation of RERA\nAct has encouraged many NRIs (Non Resident Indians) to own property here as now\nthese people need not to run behind the builders and developers to get the\ntimely possession of their property or home. <\/p>\n\n\n\n<p>Further, the Real\nEstate Developers and Builders are totally liable for finishing a project\nwithout any repercussions and delay. Therefore, the buyers need to worry less\nabout their investments and on time completion by the builder.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Increased_Level_of_Trust_and_Faith\"><\/span>Increased Level of Trust and Faith<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nowadays, all the\ninformation concerning the property, status, and ownership are available\nonline, which thereby increases the faith and trust of NRI (Non Resident\nIndian) buyers in the Indian Real Estate Sector.<\/p>\n\n\n\n<p>Also, it is obligatory\nfor every builder or developer to timely update their website with the\ninformation concerning the project\u2019s current status. However, in the case of\ndefault, the builder will be liable for the penalty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Safe_Investment\"><\/span>Safe Investment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to the provisions of the <strong>RERA Act 2016<sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Real_Estate_(Regulation_and_Development)_Act,_2016\" class=\"text-primary\"><strong><em>[1]<\/em><\/strong><\/a><\/sup><\/strong>, it is mandatory for every builder to deposit 70% of the total funds received in a separate Escrow Account administered by RERA. The same will be used for future constructions. <\/p>\n\n\n\n<p>Therefore, the main aim\nbehind the implementation of RERA is to ensure the safety of the buyer\u2019s\ninvestment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infused_Transparency\"><\/span>Infused Transparency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After the\nimplementation of RERA, there has been a significant infusion of transparency\nin the real estate sector. As now builder or developer needs to disclose every\nmaterial concerning the project to the buyer. <\/p>\n\n\n\n<p>Moreover, in the case\nof NRIs, one can gather or extract information concerning status or\ndevelopments made from anywhere around the world.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Total_Carpet_Area\"><\/span>Total Carpet Area<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After the\nimplementation of the provisions of RERA 2013, it is mandatory for every builder\nand developer to provide information concerning carpet area, as it will make\neasier for NRIs to judge and decide about investing in a property without\nactually visiting it. <\/p>\n\n\n\n<p>Further, the reason\nbehind the disclosure of carpet area is that the super built-up area, which was\nin use prior to the existence of RERA 2016, included unnecessary components, which\nresulted in buyers acquiring a smaller area than they expected. <\/p>\n\n\n\n<p>However, with the use\nof \u201cCarpet Area\u201d, the buyers and investors will get a clear image of the\nproperty that, too, just from the brochure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"State_Wise_Distribution\"><\/span>State Wise Distribution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As the provisions of\nRERA 2016 are enforceable on all over India, it makes it easy and simple for\nNRIs to get knowledge about the various project developments based on the\npreferred places. <\/p>\n\n\n\n<p>Also, the Interested\nNRIs can now check for the information and details of the projects on the official\nwebsite of the Authority of the respective state.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_for_Delay_Possession\"><\/span>Interest for Delay Possession<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the main RERA benefits for NRI buyer is that in the case of any future delay, the builder will be solely responsible for paying the due interest till the time of delivery. <\/p>\n\n\n\n<p>Also, the NRIs do not\nget the chance to follow up with the builders on a regular basis, so now any type\nof delay will result in interest and compensation which will ultimately benefit\nthem in every way.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Builders_Accountability\"><\/span>Builder\u2019s Accountability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After the\nimplementation of RERA, now builders are accountable towards the buyers in the\ncase of delay, fraud, and mis-representation. Further, the term accountable\nmeans the responsibility of the builder or developer to compensate the buyer in\nthe case of default.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regular_Updates_on_Construction\"><\/span>Regular Updates on Construction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>All the information concerning\nconstruction will be timely updated by the developers so that NRIs can easily\naccess the same from anywhere. Also, the builders need to upload the timely project\nstatus as it progresses in future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Simplified_Investment_Process\"><\/span>Simplified Investment Process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another\nsignificant RERA benefits for NRI buyers is that the implementation of the RERA\n2016 has made the follow ups and investments less complicated and tricky, which\nis particularly a bigger benefit for Non Indian Residents (NRIs). &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Administration_by_Regulatory_Authority\"><\/span>Administration by Regulatory\nAuthority <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The existence of RERA\nAuthorities in every state has made it simple and easy for NRIs to extract and\ngather information anytime and from any corner of the world. <\/p>\n\n\n\n<p>Further, prior to the\nimplementation of RERA 2016, buyers used to have no clue about how to report and\nfile fraudulent cases and whom to reach out to complain about the cases. However,\nnow NRIs can easily file complaints regarding any project of in state regardless\nof their own location.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, after the implementation of the RERA Act 2016, discipline in Real Estate Sector, index of good governance, and faith in the investments made have gone up day-by-day. As a result, the home buyers now feel contented and satisfied at the time of handing over their hard earned money to developers and builder because they know that now there is someone who looks after for their interest.<\/p>\n\n\n\n<p><b>Also, Read:<\/b> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/rera-registration-for-project-and-agent-in-delhi\/\">RERA Registration In Delhi: Process To Register Project &#038; Agent<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the enforcement of the Real Estate Regulation Act (RERA) 2016, the Government has opened the doors for more NRI (Non Resident Indian) investment in the Real Estate Industry. Earlier, the Non Resident Indians use to think twice prior to investing in the Indian Real Estate Sector due to various reasons and dilemmas. But, today, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[168],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/1187"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=1187"}],"version-history":[{"count":3,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/1187\/revisions"}],"predecessor-version":[{"id":1193,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/1187\/revisions\/1193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/1188"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=1187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=1187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=1187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}