Share This Post:
The Real Estate (Regulation and Development) Act, 2016, known as the RERA Act, has transformed the Indian real estate landscape by promoting buyer protection. In this blog, we delve into what is the RERA Act, what RERA approved means for projects, and how to check RERA registrations:
What is the RERA Act?
The RERA Act, or Real Estate (Regulation and Development) Act, 2016, was enacted by the Government of India with the objective of regulating the real estate sector. This act is
intended to bring about transparency, accountability, and efficiency in the Indian real estate market. The real estate industry has long been criticized for delays in the completion of projects, unfulfilled promises, and lack of transparency in transactions.
With RERA, the builders and developers are now required to register their projects with the regulatory authority. It ensures that the buyers are protected from any fraudulent activities and guarantees the timely delivery of projects as per the terms and conditions outlined at the time of sale
What is RERA Approval?
When a project is RERA approved, it means that the project has been registered with the Real Estate Regulatory Authority and therefore adheres to all rules and regulations of the act. A RERA approval reassures buyers that the project is genuine and the developer has certain legal promises regarding the completion of the project and the quality of the construction.
An approved project under RERA must follow certain guidelines, such as clear titles for the land, sound financial support, and promises to be completed within the allotted time frame. Moreover, the developers have to provide updated project plans to the authority.
In other words, RERA approval means government oversight of a project, making it reliable for the buyer.
Why Choose RERA Approved Projects?
There are numerous reasons why one should invest in RERA approved projects
1. Transparency and Authenticity
RERA makes sure that the developers provide all the information about the project. This includes the timeline, layout, and financial status of the project. This is less likely to have misleading information or misrepresentation.
2. Timely Completion
The developers of the RERA approved projects have to ensure that the project is completed on time. In case there is a delay, then the developers have to provide compensation to the buyers so that the project is completed within time.
3. Legal Protection
The RERA Act ensures legal protection to homebuyers in case of discrepancies, delays, or disputes. It allows resolving complaints which makes the whole process consumer-friendly.
4. Clear Titles for Properties
All the legal formalities of lands and approvals are duly accomplished to get approval for any project. This, as a result, makes the land wherein the project is under construction clear of any disputes and litigations.
5. The risk of fraud is decreased
The certification by RERA comes with fewer fraudulent cases because the projects, after proper checks, attain certification. This reduces a great percentage of the chances when a project developer disappears and doesn’t return after pocketing the money from a buyer.
How to Check RERA Registration?
Checking if a project is registered under the RERA before investing makes its authenticity valid. Follow the below steps to know about RERA registration:
1. Official Website for RERA
Every state in India has an RERA portal. You may search for the project either by putting in the name of the project, the developer’s name, or the RERA number on the official website.
2. RERA Project Search Feature
Most state RERA websites will have a RERA project search option, where you can enter key details such as project name or location to search for registered projects. The RERA project details will then give you the project status, approvals, and other essential information.
3. RERA Approval Check
Ensure that the project you are interested in is listed on the RERA portal. If it is not, the project may not have the necessary legal approvals.
Benefits of Investing in RERA Approved Projects
Investing in RERA approved projects comes with several benefits that protect both the buyer and the developer. Some of the key benefits include:
1. Better Project Quality: Builders are under compulsion to maintain construction standards and deliver what was promised.
2. Reduced Risk of Loss in Investment: Since the RERA projects are legally binding, your investment is less prone to being at risk.
3. Improved Confidence in Buyers: The RERA certification makes the credibility of the builder as well as the project strong enough, and hence increases confidence among buyers.
Conclusion
The RERA Act has brought about a significant change in the real estate market in India ensuring a safer and more transparent environment for property buyers. Choosing RERA approved projects offers peace of mind, timely delivery, and legal protection, making it an essential aspect of any property investment.
Before investing in a real estate project, always check RERA registration to ensure the project is authentic and legally sound. With the right project, you can unlock the doors to a secure and profitable future in real estate!