The Real Estate (Regulation and Development) Act, 2016 (RERA) has been a game-changer in the Indian real estate sector. Enacted to bring transparency, accountability, and efficiency into the real estate market, RERA has redefined the way real estate transactions take place in the country. in this blog Let’s look into the top 10 benefits of RERA registration that shed light on its significance.
What Is the Meaning of RERA?
The Real Estate Regulatory Authority, known as RERA, was established as per the Real Estate (Regulation and Development) Act, 2016, aiming to bring transparency to the real estate industry and address the existing discrepancies and issues within it. Buyers are empowered by RERA with the right to access every crucial detail of the real estate project they intend to invest in.
10 Benefits of RERA Registration
Enhanced Transparency
Standardized Carpet Area Calculation
For instance, consider a rectangular room with a length of 10 feet and a width of 8 feet:
Area of the room = Length × Width = 10 feet × 8 feet = 80 square feet
Promptness in Project Delivery
1. Strict Timelines
Rera enforces stringent deadlines for project completion, ensuring developers adhere to predefined schedules.
2. Penalties for Delays
3. Buyer Assurance
4. Enhanced Market Credibility
Establishing Escrow Account
Another significant benefit of RERA registration is the requirement for developers to deposit a percentage of project funds into an escrow account. By requiring developers to bank a chunk of the project’s cash in an escrow account, the Benefits of RERA Registration makes sure that money is spent right where it should be: on building what buyers have paid for, and this really boosts the system’s financial honesty.
Eliminating False Advertising
- Displaying the RERA number in all promotional materials
- Providing clear and accurate information about the project’s status
- Avoiding exaggerated claims about amenities or project features
Expediting Grievance Redressal
Structural Defect Liability
1. Defined Period
2. Coverage of Defects
3. Developer's Responsibility
4. Protection for Buyers
Mandatory Consent for Any Changes
Clarity of Carpet Area Pricing:
Right to Information
Buyers have the RERA-endorsed right to access comprehensive project details, including RERA project details and certifications. Armed with this info, buyers can confidently navigate their investment choices in the RERA-sanctioned property landscape. This empowerment through Rera license cost information fosters informed decision-making.
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FAQs
1. How Long Does It Take To Get RERA Approval ?
The time taken for RERA approval can vary based on the project’s specifics, but typically, it ranges from 30-60 days, depending on compliance and documentation.
2. Should I Buy a Property if It Is Not Registered in RERA ?
It’s advisable to avoid purchasing a property that isn’t registered under RERA, as registration ensures transparency, legal protection, and adherence to norms.
3. What Projects Can Be Exempted From the Under RERA ?
Certain smaller projects with an area of less than 500 square meters or those with less than eight apartments may be exempted from RERA registration in some states.
4. What Are the Advantages of RERA Registration
The time taken for RERA approval can vary based on the project’s specifics, but typically, it ranges from 30-60 days, depending on compliance and documentation.
5. Is RERA Mandatory in India ?
Yes, RERA is mandatory for real estate projects that meet the specified criteria in terms of size and number of units, ensuring regulatory compliance and buyer protection