Will RERA Compliance bring sales boost to stale Real Estate Economy?

Conciliation forum & Settlement of Disputes by MahaRERA

RERA is a platform where an aggrieved home buyer can file a complaint directly on MahaRERA site. Government wants to promote and popularize the amicable and effective settlement of disputes arising with reference to Real Estate. And to offer speedy settlement of commercial disputes MahaRERA has also provided another Alternate Dispute Resolution (ADR) mechanism of Conciliation forum.
The article will also touch upon most common complaints. Can builders proactively avoid complaints? Are their any measures have grievance less and foster happy home buyers? Will the spirit of RERA i.e. transparency, faith and confidence, in the governing bodies & private builders, ever be established? We shall touch upon these concerns.

Background

RERA started with complain mechanism. Solving such grievances involved trials and legal proceedings. The conclusion of several cases has ended in compensation and penalty. Home buyers have been satisfied with the verdict and justice offered. Time and effort to number of pending complaints was very high. So as a Alternate Dispute Resolution (ADR) mechanism Conciliation forum was established.

Highlights of Conciliation forum

1. Aim is to have Mutual and amicable conciliation of dispute
2. Dispute settlement forum has 15 consumer representatives (from Grahak Panchayat Mumbai & Pune)
3. 18 developer/promoter members from associations like CREDAI and NAREDCO.( Confederation of Real Estate
Developers Association of India and National Real Estate Development Council).
4. The conciliation forum is headed by the secretary of MahaRERA.
5. The purpose of conciliation forum is to solve disputes amicably. And not take up a legal battle. (Legal as we
all know will mean waste of time, money and delayed verdict)

Common Reasons and Settlement

1. Most common matters of dispute are: Matters of Quality of construction, promised amenities,
late delivery and disputes rising due to money matters etc.
2. Grievances due to OC not granted conveyance deed, Title deeds and agreements.
3. Home buyers compensation norms are prescribed in the RERA Act. (section 59- Non registration : 10% of the cost
of real estate project or 3 years imprisonment, section 64, section 66, section 68)
4. In most cases buyers seeking cancellation and ask for a refund.
5. If matters are not resolved at Conciliation forum, it can be approached to appellate body MahaRERA

https://www.moneylife.in/article/maharera-evaluates-complaints-from-home-buyers-and-rules-against-builders-in-four-cases/52421.html

Can litigation / conciliation be avoided?

Complaints & litigations mean brand devaluation, loss of business, home buyer will see your project suspiciously and the domino effect is carried further. Hence miscreant and malpractice has no room in RERA Era. Transparency, trust and good communication will not allow such grievances to furnish. How can builder /promoter earn happy customers? Some strategies that promoter/ developers can adopt are listed below.

1. Amenities that are promised should be published on the website or brochures.
2. Property tracking mechanism should be built and shared with home buyers
3. After sales relation should be established
4. Communication should be on personal basis
5. RERA compliance certificates can be shared with the home buyers
6. Quarterly updates of building and common amenities can be shared.
7. Customers and bank can be notified of completion stages.
8. Payment collection should follow the prescribed RERA standards
9. In case of delays in project allottees should be informed
10. In situation of change in development plan and layout consent of allottees can be obtained
11. Aware and informed home buyers.

Millennials are the new home buyers. They have the power of internet, social media & forums. Without going through reviews they do not buy. In a sluggish industry and thinning profit margins there is no room for conciliations. Needless to say conciliation comes with compensation & penalties.
Find out how can you avoid this? Can you have happy home buyers?
Visit our site to find awakening tips and solution…

How is RERA and Transparency Related?

RERA was enacted to bring about transparency in the real estate market. Such need aroused due to lack of confidence of consumers in builders/promoters, poor access to legal documents and most importantly an absence of a government regulating body. In the RERA guidelines, developer has to register all his existing and upcoming projects under RERA and this will be monitored by authority and home buyers.
Builders have stringent compliance norms to follow. Umber Ghar software is developed out of his need. It is a bridge to RERA compliance requirements of the builder and their projects. Home buyers  through Umber Ghar- RERA filing software can have remote, definite and highly detailed view on what’s the status of their investment.

What is RERA ?

RERA or Real Estate Regulation and development act was enacted to bring about transparency
in the real estate market and enhance the consumer – developer relationship. It empowered the consumers to have better rights for his/her investments. Enabled builders to bridge the gap between them and their home buyers

What is the need of RERA?

RERA is a solution to a lot of problems floating in the real estate market. Like weak project progress monitoring, lack of confidence of consumers in builders, poor access to legal documents and most importantly an absence of a government regulating body.

How RERA functions?

Basically the developer has to register all his existing and upcoming projects under RERA, once registered the developer can give all the project relating information on the website. Maybe architectural details, construction plans, schedules etc. This happens before the sales and marketing starts.
After this the developer has to update the project status every 90 days in both physical and financial respects with the help of an engineer and C.A. This information will be provided to RERA and can be accessed by home buyers with the help of RERA registration number on RERA websites.

How does this benefit Consumers?

The consumer can now monitor all the progress and legalities on their own.
The builder has to complete the project on time if they want to avoid any legal action and penalty for delay
The builder cannot alter any part of the project as earlier specified without the consent of at least 2/3rd of the investors
What was promised by the developer has to be delivered.

Detail can be seen on https://maharerait.mahaonline.gov.in/PDF/FAQMergedPDF.pdf

How does this benefit Developers ?

With Transparency and confidence giving policy (RERA) sales will surely increase in real estate market and help bringing back the lost trust for developers.
Transparency is maintained throughout the progress of the project, at registration and after registration also. Return filing on every quarter is a mandate. Now all details regarding project progress and development, certificates and documents, CA ‘s audited reports are available.  There is no chance of any after sales complaints and if any arises there is a conciliation forum to address to redressals and grevances.
Marketing and branding opportunity is huge with the introduction of this act. A remarkably high customer satisfaction percentage can be obtained through this.

What is the role of Umber Ghar – Property Tracking application in all of this?

So now we see that legally there has to be transparency in real estate industry. Umber Ghar- RERA filing software is the medium to see through it. This software eases out all the compliance needs through its easy to use interface. Builders can update their project progress; certificates of architect, engineer and CA can be prepared and filed on the platform. Builder will get the most updated RERA website for his project.

On the other hand customers have remote, definite and highly detailed view on what’s the status of their investment. Facility of CCTv integration, video and photo uploads will establish a remote access to the site. Such transparency will improve the builders brand name.

In Conclusion RERA was enacted to bring about transparency in the real estate market. Home buyers through Umber Ghar- RERA filing software can have remote, definite and highly detailed view on what’s the status of their investment. Builders can efficiently, timely and accurately, carry out quarterly updates on the software. In effect faith and trust will be established between both the builder and home buyer mutually.

RERA FILING SOFTWARE

“Umber-Ghar, RERA Filing Software” is India’s first patented, SaaS-based e-platform, designed, developed and marketed solely by Umber IT Solutions. The system works on a cloud platform, and can be accessible over the internet from anywhere in the world. Umber-Ghar has many features which are helpful to home buyers, real estate developers, estate agents and financial institutions too.
Company’s core values are 3C’s – Customer satisfaction, Clarity (Transparency) and Communication. Umber-Ghar has focused teams for domain experts, UX design, development, sales & support. There is a dedicated team of Architects, Structural Engineers and CAs for RERA filing, compliance and support.

Umber Ghar for home buyers

Project Updates:

Builders have been black listed for project delays and possession dates have been extended at will. Some cases have shown delay of 5 to 8 years from promised possession date.
Here home buyer receives a login welcome mail from the builder after he has purchase a property in the RERA registered project. He/she now has visibility to home progress status, building progress in stages, common area progress; in photo, video, CCTv clips and virtual tour of the flat. All this can be seen in a very user friendly info graphic manner, and completely based on RERA gildelines.

Feature of Chat:

Many past grievances have occurred due to cold behaviour of post sales team. Customers do not have a contact point after registration of property, sales team do not entertain and seem very rude.
At Umber platform home buyers can chat with their relation manager, one to one chat, record of all the things communicated, and attachments exchanged will be saved till end of the project. Complaints and problems can be addressed with the help of chat record. Umber believes a customer will never have to approach a social forum or RERA conciliation forum if he has the proper channel of communication.

Umber Ghar for RERA Developers/Builders?

RERA Filing Module:

Noncompliance of RERA filing can end up with hefty penalties, other legal actions. Quarterly updates of RERA projects is a mandate. Architect, RCC Engineer, CA, have to file returns on Form1, Form2, Form3 respectively and Form4 & Form5 for building completion and yearly audit. This process means a lot of coordination, time consuming, and is also prone to errors. Record keeping of filed documents is also one of the challenges. All the documents have to be saved for 5 years from the date of project delivery and Possession certificates to all the home buyers.

Umber-Gharapplication empowers builders /promoters in several ways:

1. To coordinate builder’s office team with all these external professionals (Architect, Engineer, CA) to acquire respective certificates.
2. Digital and Signed copies of reports are well maintained on this platform.
3. Robotic automation feature furnishes all the data to MahaRERA site automatically. Error free filing is guaranteed.
4. All Stages progress photo will reduce moral responsibility of CA. Manipulation of accounts will be thus eliminated.
5. Management of all buildings and all projects is very efficiently performed
6. 2 step validation of data prior to filing
Benefits of Builders Dashboard: Today’s builder is a multi-tasked activity. He has projects in several locations, has to be on the move all the time and yet be closely connected to his business. RERA rules have to be followed is an additional burden.
Umber Ghar Builder dashboard is a platform that manages and tracks multiple projects in a simple and efficient manner

1. All the projects of the builder is managed in one place
2. Good and functional User Experience is designed to establish quick learning
3. Instalment alert for home buyers at every stage completion
4. Customer report and easy customer file management
5. Mobile accessible
6. Roles are assigned to access to the site
7. Photo, CCTv, Video, timeline, time and date stamps are visual enabler of project tracking

In Umber-Ghar, RERA Filing Service: In case you are looking for RERA consultancy service in filing your quarterly returns. We have a dedicated team of Architects, Structural Engineers and CAs for RERA filing, compliance and support. The application has made RERA filing process simple and prone to less error. All previous RERA reports saved and archived on cloud and can be viewed when required.

We are committed to Transparency and Communication. Umber-Ghar has focused teams for domain experts, UX design, development, sales & support. We take this mission of faith and trust to the next level. We are proud to offer a service and not just a platform. All the RERA compliance matters are addressed here