Is it safe to buy non RERA approved project?

Is it safe to buy non RERA approved project?

You may land in serious trouble if you purchase in a project which is not registered with your state’s or UT’s RERA. Homebuyers beware of buying in a project under construction, which is not registered with your state’s Real Estate Regulatory Authority (RERA). …

What happens if property is not RERA registered?

In the case of perpetually delayed projects that are not registered under RERA, the customer may file a complaint with the authority or adjudicating officer, appointed under the legislation as per Section 31 of RERA. The homebuyers can not only reach out to RERA authority in the State but other legal bodies as well.

What if a flat is not registered?

Stamp duty and registration charges are paid to the govt and the property is registered in the name of the owner. This is how ownership right is created for a property. Without registration, a buyer has no legal right over the property so, one cannot sell it to anyone under the Transfer of Property Rights Act.

Why is RERA important?

RERA establishes a state authority which will govern both residential and commercial real estate transactions. RERA will ensure timely delivery of the project which is a big sigh of relief to home buyers. RERA will guarantee more precision between the developers and buyers thereby ensuring transparency.

Is RERA applicable for rental property?

The Tribunal held that the provisions of RERA will be applicable after perusal of ‘Agreement of Lease’ as a whole and considered the objective and purpose of RERA and said that though the ‘Agreement between the parties is titled as Agreement to Lease’ but in effect they are ‘Agreements of Absolute Sale’ and RERA will …

Can I buy a flat without registration?

Yes you can take possession of flat because Possession is the prima facie evidence of the ownership but without valid registration the possession is illegal so you should make a separate agreement with builder regarding possession before registration of flat.

Can you sell a property without Land Registry?

To sell an unregistered property you need to produce the physical title deeds. These are then handed over to the buyer’s conveyancer following the sale, who will then submit an application for registration. If the title to your property is not registered at the Land Registry, you can choose to register it at any time.

What is RERA registered property?

RERA stands for Real Estate Regulations Act and was introduced in 2016 to protect the interests of the home buyers. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.

What happens if you don’t register your property with RERA?

In simple words, buyers purchasing properties in a project that is still not registered with RERA can face difficulties and will be on the weak side if they approach RERA in case they want to file a complaint.

Is your builder failing to comply with RERA?

So, far many builders have registered their real estate projects with RERA Authorities but they still fail to abide by the quarterly compliances as mandated under the Act and Rules. Now, as homebuyer you may feel what implications does that have on you in terms of your grievance or complaint filling.

Are ongoing projects exempt from Rera?

In case the property you are looking at was categorised as an “ongoing project” when the Act kicked in (i.e. May 1st), you should check the state RERA Authority norms to first see if it is exempt. Ongoing projects will be exempt in general if they satisfy the below requirements:

Can a homebuyer file a case under Section 31 under Rera?

This confusion has been cleared by many RERA Authorities also in many adjudicated cases. Homebuyers can approach RERA Authorities for structural defect up to five years which itself showcases that how complaint filling under Section-31 and Project Registration under Section-3 have no nexus as such.