Whenever it comes to executing any real estate business, the concern of RERA registration tops the chart. You may have heard of RERA before, but did you know that it is the most important part of establishing your real-estate venture?Our experts offer the best of endeavors to assist you entirely on the ground of RERA registration. Before you proceed to RERA registration, it is necessary to understand everything about RERA.
What is RERA?
RERA stands for Real Estate Regulatory Authority, and it began operations in 2016 in accordance with the Real Estate (Regulation and Development) Act. This act aims to protect home buyers while also empowering real estate investments. Initially, the bill for RERA was passed on March 10, 2016 by the Upper House (Rajya Sabha). Later, the RERA Act came into action on and from May 1, 2016. All our projects are RERA approved, which is vital for home purchasers.
The Significance of RERA Registration
Now, you must be thinking, what’s the significance of RERA when it’s just a kind of registration. Well, it is impossible to streamline any real-estate project without registering with RERA beforehand. Not just that, but RERA binds every builder to keep the property-buyer updated about the construction, possession date, and many more such details. RERA came into existence to improve the transparency and accountability for housing transactions. Other advantages are listed below.
- RERA registration ensures no delay in the real-estate project.
- RERA maintains the utmost scope of transparency between the seller and the buyer. Builders cannot make any changes to the contract without the consent of the buyer.
- The RERA authority has been subdivided into state-wise units. Hence, every state holds a RERA unit to look after real estate matters.
- RERA takes into account the activities of both residential as well as commercial projects.
- RERA designs the robust foundation of accountability in the sphere of real-estate.
- If there are any issues, then the builder needs to rectify the issues within 5 years of purchase. Once a complaint is made by the buyer, the builder has to fix the issue within 30 days from the date of the complaint.
- If you find any discrepancy in the deed, you can ask for compensation immediately.
You can purchase the property in a very simple way if you choose to proceed with RERA registration. So, get in touch with us today. We offer a hassle-free completion of the home buying and selling procedure. Hence, you can reap the benefits of property buying with us.
The Real Estate (Regulation and Development) Act, 2016 (RERA) mandates all registered developers, promoters and agents to submit the original, approved plans of their ongoing projects to their respective State regulatory authority, including the details about the alterations made later. Besides, the Act mandates developers to publish the details of the revenue collected from allottees and the utilisation of funds, construction, completion and delivery timelines certified by an Authorised Engineer, Architect or a Practising Chartered Accountant. As per RERA, homebuyers must also have unrestricted access to information such as the builder’s profile, track record, litigation details, advertisements and prospectus of their projects, details of plots and apartments, details of registered agents, consultants and promoters, the status of approvals and layout plans.