The growth of real estate market in India is on its full swing due to the different government initiatives like RERA (Real Estate Regulations Act), GST (Goods and Services Tax), and PMAY (Pradhan Mantri Awas Yojana). The home buyers and investors are gaining their confidence back in the real estate market, creating a higher demand for property in the country. The builders and real estate developers in India are playing a key role in catering to the increasing real estate demand in India and thus contributing to the rapid growth and development of this industry. Indeed the builders in India are a crucial part of the real estate market as they not only maintain a balance between the property demand and property availability in India but are also responsible for a number of other things. Here’s a quick look at their responsibilities:
- Obtaining A License: It is the foremost duty of all builders in India to obtain a license from the municipal department. For any infrastructural development, a builder needs a prior approval from the concerned authorities.
- Registering With RERA: A responsible builder should register all his projects with RERA. The submission of documents related to the construction of a project should be done by following RERA guidelines. Also, the developer has to create a wave page on RERA website and upload the details of the proposed project for public view.
- Getting Clearances From Local Government: The property builders in India get all the legal and statutory clearances before commencing a project. It includes the project proposal submission, excavating clearance, NOC from the civic department, lift installation clearance, water supply, fire control, electricity supply etc. Without getting the clearance, it isn’t possible for a builder to initiate a project in any area.
- Insuring The Project: The builders have to own a builder’s risk insurance policy that protects the owner against defective and incomplete work. Moreover, it is also their duty to own liability insurance. It ensures that quality of the construction has been maintained. In the absence of the policy or insurance, a builder can be held responsible for any fault found even after a decade.
- Repaying The Investors’ Money With Interest: It is the responsibility of a real estate developer to avoid any delays in the construction. However, if a project is stopped due to some reasons, he is responsible for repaying the money with interest to the investors. If he fails to repay the sum, with interest within a specified period of time, he can be blacklisted.
- Offering Top Quality Construction Service: A responsible real estate developer should offer the praiseworthy construction services. It is solely his responsibility to ensure that the finest-quality construction material is used and an experienced workforce is employed for any construction. Also, a builder or the real estate developer is responsible to pay for the construction material.
- Storing the Construction Material Safely: The real estate developers and builders have the responsibility of storing the building material like cement, bricks, iron rods, concrete slabs etc. safely. They cannot restrict a street by keeping the construction material in open.
- Ensuring The Safety of The Workforce: The builders are responsible to ensure the safety of their workers. In India, many deaths happen while a building is being constructed. The prime reason is the ignorance by the real estate developers. The builders have to follow various safety measures to avoid any such unfortunate event. For example, providing helmets to all workers is a must to prevent any head injury.
Builders/real estate developers in India have numerous responsibilities. By following the essential ones, they can enhance their contribution even more to the Indian real estate and gain prominence as the top real estate developers or builders in India speedily.