How important is RERA approval?
The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.
Can we trust RERA approved projects?
“RERA is a fool-proof scheme to re-build trust, bring in transparency and safeguard consumers’ interest,” says Kumar. “If a builder fails to register his project with RERA, it is his fault. Commercial or residential projects with eight units and more come under the ambit of RERA.
Is it safe to invest in under construction property?
Buyers get many options of under construction properties. The wait may be longer but it is worth the cost. One should not just buy a property because the cost is less. “Post RERA, there is an added advantage of booking a unit in an under construction project – the buyer is safe and secure.
Is RERA applicable to old projects?
RERA is applicable on all real estate projects; even if a completion certificate is issued to project. The domain of the RERA authority extends even to the projects which have not been registered, and also not exempted from registration.
Which is better ready to move in or under construction?
The quality of construction can be verified by the homebuyer before investing money in a ready-to-move unit. An under-construction home is always a better option for those who are not end-users but invest in properties for returns. The cost of an under-construction home escalates with stages of completion.
Is it illegal to buy into a project without Rera registration?
It is illegal to buy into a project that is not registered with RERA, if it is not yet complete. Banks have been asked to stop funding them either at the project level or at the retail level. That means the bank can refuse to release any more instalments of the loan amount if the project is not registered with the RERA authority in the state.
Is it safe to buy an apartment which is approved by RERA?
Yes, it is safe to buy an apartment which is approved by RERA. The RERA is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.
What are the provisions of Rera to safeguard the buyers?
The following are the provisions to safeguard the buyers: Any developer launching residential property over 500 square meters or eight apartments to register the project with RERA and upload all the details pertaining to the said project on the RERA website before any initiation for sale is made.
What happens if a developer fails to comply with RERA?
RERA has provisions to penalize both the developer and promoter with similar interest rates for missed payments and delayed construction. Further, in case of violation, the developer risks imposition of heavy penalties and also losing their developer registration.