Home Warranty under RERA

04-11-2022:02:03:pm

The RERA Act, of 2016, was introduced with the primary goal of protecting homebuyers' interests while also promoting openness and prompt dispute resolution of consumers' complaints. Consequently, in order to solve one of the key issues in the real estate sector regarding the standard of construction and the developer's sense of duty towards the allottees.

It provides the allottees with a remedy in the event that structural faults are discovered within five years of the date of possession; in that case, the promoter is responsible for paying to have the defect fixed. Furthermore, the aggrieved allottee is entitled to receive adequate compensation, which will be assessed by the relevant state RERA Authority, in the event that the promoter fails to correct such flaws within 30 days.

The home warranty provision of the RERA is viewed favorably by industry experts and veterans. Such warranties have improved the developers' standing as transparent and adhering to industry best practices in the global real estate market. Warranties will undoubtedly give end-users and investors a secure environment in terms of protecting homeowners' interests. Because a warranty obligates developers to fix any architectural or construction problems that may be found, even after the property's ownership has changed.