Real Estate (Regulation and Development) Act, 2016 or RERA is a groundbreaking Act that has ensured transparency and fairness in all property transactions across India. However, to leverage the benefits offered by RERA, you have to first know about it in detail. Without this knowledge, you may run the risk of being deceived or misled while buying a residential apartment in Kolkata. Here we share some of the useful insights about RERA that you should know before buying a property:
- Mandatory registration:
RERA makes it compulsory for all real estate projects that span more than 500 square metres or comprises more than eight apartments to be officially registered with the regulatory authority. You must check whether the property you are interested in has RERA registration. Only registered real estate projects are mandated to comply with the Act’s regulations and standards.
- Transparency and details:
With RERA, registered projects now guarantee complete transparency. As an interested buyer, you can access crucial records of the property, such as land status, layouts, timelines, time for completion and several other details. With all the information at hand, you can take an informed call. You can also mitigate risk by avoiding properties that have unapproved plans or a major delay in their timelines.
- Deposit of funds in a marked account:
To be registered under RERA, real estate developers must deposit a specified percentage of a project’s development cost into an escrow account. So, the amount deposited can only be used to complete that project and it cannot be funnelled to a different project. This is yet another RERA regulation that has maximised financial security for buyers.
- Maintaining deadlines and quality standards:
Developers who are registered under RERA are obligated to adhere to the stipulated timeline and handover. If there are any unforeseen delays, builders are mandated to inform buyers about the same. At the same time, RERA also ensures that the builders use the same quality of materials and provide the same amenities as they advertise initially. Hence, you can be assured there will be no much variance between what is promised and what they ultimately receive.
- Title and ownership verification:
RERA registered properties mandate developers to offer documents, such as title deed and ownership, to property buyers. Getting access to these documents can help you rest assured that the apartment is free from any disputes and you are the only legitimate title-holder for it. When all such important documents are clear, it can provide you with some peace of mind.
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