To maintain a transparency in real estate project the Real Estate Act 2016 makes it mandatory to register with the Real Estate Regulatory Authority (RERA) if the land is over 500 square meters, weather it is a commercial or residential apartments. This makes the project marketing and buying procedures very transparent and hassle-free. It ensures the customers that whatever shown while marketing of the project is correct and the buyers will definitely get those. In short “It is an act which seek to protect real estate buyers from fraud and scams”.
Can I ask the builder to show the RERA registration copy?
RERA ensures that what the developers promises to give the buyers must have those facilities. You can complain if you don’t get whatever you have been promised against the RERA registered project. So as a buyer you can definitely ask for the RERA registration number/certificate from the builder. Every builder must register with RERA since May 1,2017 and must show the RERA registration number in every marketing/advertising materials. prestige elysian is an upcoming residential apartments in Bannerghatta road, which will be launched after the RERA Approval.
Why RERA is important?
The aim of RERA is to protect customers especially during the period of the construction of the project. If the project get the Occupancy Certificate the risk of the customers reduces.
Benefit of RERA?
RERA registration is not only benefits the residential homes buyers it is also very helpful for Real Estate investors to invest their money in a safe zone. It makes the Real Estate sector more professional and secure.
- Prevents frauds: It prevents frauds by making escrow account for the future construction purpose.
- Authenticity: RERA certificate provides authentication to the promoters as well as brokers and will attract more potential buyers in the long run due to buyers concerns.
- Professionalism: RERA registration is strengthening the Real Estate Industry and is also helping it attain a certain degree of professionalism. The regulatory Act will make it an option for people to join the Real Estate sector.
- Flexibility: RERA has made it flexible for the promoters to choose the date of delivery of the project according to their own consent.
- Complaints: RERA registered brokers as well as promoters are also empowered to complain the authority regarding any matters.
How to check the project in RERA?
- Visit RERA’s official website > click your state > click on ‘Approved Projects’
- 4 Tabs will appear
- Find the tab ‘Applications Approved’ > click on that tab > It will show the project details with RERA Registration Certificate
It is safe to buy RERA approved projects:
- The builder is bound to provide the amenities and facilities they show for marketing purpose.
- The delivery time is fixed and there will be no risk of delay.
- Banks seeks clean documents and checks multiple claimants, track record etc. RERA registered means it has passed through all of the document checks and is eligible for bank loans.
If I want to decorate the building with premium class interiors then I have to spend more money to do it. Can I charge buyers for the extra premium class interior decorations?
Sellers are free to fix the rate above the average capital value depending upon the location or interior whatever. If the individual buyer is capable or interested to spend money to buy it then it is not a problem at all.
So at the end we can see RERA registration is mandatory since 2017 and it will definitely help you to purchase a property without any tension of getting lone or to trapped in illegal plot.