Sobha Ayana RERA

Sobha Ayana RERA approval is under process. The model apartments and project details, including the master plan, can be viewed by investors and buyers on the project site. The project will be launched in July 2024 and will be completed by 2028 as per RERA guidelines.

The RERA was introduced in 2016 to address ongoing problems in the Indian real estate industry. The act protects homebuyers and investors and aims to improve market efficiency, accountability, and transparency.

Key features and importance of RERA:

• Transparency: Developers should register their projects with RERA and provide comprehensive information, empowering consumers with precise details.
• Builder Liability: Developers are now responsible for project delays or plan changes without approval. They must meet deadlines and commitments or face fines. On- time project delivery is their responsibility.
• Advance Deposits: Builders must deposit a portion of the project's cost into a separate bank account to ensure funds are allocated to the designated project and not diverted to other initiatives.
• Title of Property: RERA mandates that the developer provides the buyer with a clear and legal title to the land, which reduces the likelihood of property ownership disputes.
• Dealer Responsibility: RERA mandates that the developer provides the buyer with a clear title to the land and holds legal title, reducing the possibility of property ownership disputes.
• Customer Protection: RERA prioritizes safeguarding homebuyers by providing them with a legal framework to address grievances and ensuring ethical conduct in the real estate sector.

Sobha Ayan, built by Sobha Limited in Panathur, East Bangalore, is an opulent residential complex. The project is developed on 81 acres of land and presents 4304 excellently constructed residential apartment buildings. It provides high-end 1 BHK and 2 BHK apartments with abundant features and a tranquil, green retreat for pleasant living. The authority still needs to grant the project RERA status