The real estate market is abuzz with Real Estate Regulatory Act (RERA) 2016 which has been in effect since 1 May 2017. RERA is expected to bring about transparency and accountability in the realty sector and safeguard consumers from the claws of dishonest developers. The act also aims to ensure on-time delivery.
According to Clause 14 (3) of the Real Estate Act, a developer is liable to fix any defects brought to his notice by home buyers until five years after the possession is granted, without charging any amount for it. Further, the developer will have to fix the issue within 30 days. In case the developer fails to comply, the home buyer will be eligible for compensation under the Act.
Apparently, it might appear that builders would strike a note of dissent over the clause, but most of the fair players in the market have praised it. They believe that the clause is expected to weed out unscrupulous players from the market since the misdeeds of a few have brought a bad name to the entire fraternity.
One of the implications of RERA is that builders should go for materials that are long-lasting. Aludecor ACPs coming with at least 10 years warranty are going to be the right kind of materials builders should look for. Given the fact that the application of ACP is not just limited to exteriors today, and is extended well into many interior applications, it can be one of the most preferred choices of builders.
A five-year period is a long time and frequent complaints by buyers would cost developers not just money but also their reputation. With Aludecor ACPs both the aesthetics and longevity of a project are guaranteed, which results in an enhanced brand image and happy customers.