Shriram Poem RERA
Shriram Poem has received RERA approvals; the number is PR/210319/004033. The Real Estate (Regulation and Development) Act (RERA) is a regulatory framework that was put in place by the Indian government to regulate the real estate industry. Its goal is to ensure everything is understandable, carried out responsibly, and functions as intended. It accomplishes this by guaranteeing the registration of real estate projects and safeguarding the rights of the constructor and purchaser.
Shriram Poem is a contemporary residential complex situated in Jalahalli, West Bangalore, one of the city's most sought-after real estate areas. Shriram Properties is developing the project, which provides upscale 2, 2.5, and 3 BHK apartments over a 6.58-acre area. The complex has 660 units in total spread across 6 towers and will be completed in March 2027.
Benefits of investing in RERA-approved projects like Shriram Poem
Grievances are going to be handled:
If the buyer is dissatisfied with the construction or has a problem with the unit, they can file a case in the Appellate Tribunal under the RERA Act. The Tribunal will hear your case within 60 days of receiving the Grievance case files.
Total transparency in all dealings:
The RERA Act requires builders to be totally transparent in the information they provide to prospective homeowners. Builders are responsible for providing the client with all relevant information, no matter how minor, about the project they are building. Additionally, they must be informed about the project's step-by-step completion.
Lowers the chance of builder bankruptcy:
A developer usually has several projects under progress at any given moment. The builders may have utilized the funds received for Project A to fund the development of Project B prior to RERA. However, with RERA in place, the builder would have to move 70% of the project's realized value into a new bank account, making this impractical.
Delay in gaining possession
If the builder is unable to complete the project by the deadline, the investor has two options:
- He can leave the project at any time and receive a complete refund, plus interest starting on the completion date and continuing until the money is returned.
- To complete the project, he will be entitled to payment and interest from the project's due date until it is truly finished.
Standardization of carpet area:
The fact that builders are prohibited from charging customers for highly developed and built-up regions is a significant benefit of RERA. This suggests that buyers will only be liable for the carpet in the room—that is, the area between the walls—that they purchase. Builders are not permitted to charge purchasers for the super built-up area or the area surrounded by external walls. This covers communal spaces like the elevator, balcony, stairs, and lobby. Additionally, without the customers' consent, developers cannot change the project design or any other structures.
The property is being developed by the huge real estate company Shriram Properties. The constructor provides an excellent, opulent living environment by adhering to the strictest rules. It demonstrates their dedication to upholding high standards in real estate and satisfying customers. The stringent regulations of RERA provide homebuyers with a sense of security, making this property an excellent investment.
