How Homebuyers Can Benefit From RERA

The government set up Real Estate (Regulation and Development) Act, 2016 (RERA) for the guideline and promotion of the real estate sector. Anand Gupta, the chairperson of the housing and RERA committee of a national apex illustrative body of civil engineering construction companies, informs that there is an order for compulsory registration. “Rendering to the Act, every real estate project—where the total area to be developed exceeds 500 sq. m. or more than eight flats planned to be developed in any phase—must be registered with its own state’s RERA.”

Niranjan Hiranandani, vice chairman of a real estate development council and handling director of a leading construction company, shares, “RERA was constitutionalised in 2016 by the government of India. The Act orders developers to display detailed information about their project which will help discriminating homebuyers make a conversant decision. The goal was [to create] a common information talks for the buyer and seller which will certify streamlining of the process and documentation, [thus] allowing ease of doing business. ”

There is a tonne of helpful material on the RERA website for prospective purchasers. An authenticated copy of all approvals, a commencement certificate, sanction plan, layout plan, specification, plan of development work, proposed facilities, proforma allotment letter, agreement for sale and conveyance deed, details of registered brokers or brokerages, approval status and project information are among these. The developer's profile, track record, details about ongoing and previous litigations, promotional materials about his projects, details of plots and apartments, and information about proposed facilities are also included.

Anil Pharande, chairman of a leading real estate developer, and president of a suggestion of promoters and developers from Pune informs, “The website comprises all details of the accepted plans of the developer’s present projects, plus data on changes made after registration, information about revenues already elevated from allottees and how it has been used, construction, duly specialized completion and delivery timelines.” If one is scheduling to buy in an under construction project, they can contact details on the RERA website about the number of units booked rather than trusting on the information given by the builder.

All developers must roll their projects under RERA and get a registration number for every project. Developers are not permitted to sell the project without this number. Anuj Puri, chairman of an important real estate services company and property consultancy, says, “Purchasers can now finalise properties only from developers who obey with RERA norms and have a good track record and financial constancy, which can be confirmed with the registration number.” Some of the land documents like the project’s land title ownership, which were unreachable to buyers, are now obtainable on the RERA website for the buyer’s inspection.

Obtainability of Land Title Documents Some of the land documents like the project’s land title ownership, which were unapproachable to buyers, are now available on RERA website for buyer’s analysis.

Clarity On Carpet Area and Amenities 

For first-time purchasers, the concept of carpet area built-up and super built-up areas can be unclear. The conventional practice of pricing based on the super built-up area is no longer allowable. Now the quoted price depends on the carpet area of the property. Jitesh Lalwani, president of a real estate advisory, clarifies, “Under RERA, this ambiguity has been removed, and buyers pay the price based on the carpet area which is already specified on the website. Developers share all the details of the facilities. This gives buyers an added benefit of gaining knowledge about the amenities presented by the developers and selecting the project based on their favourites.”

Now with the obtainability of flexible payment plans, possession-linked payment, and construction-linked plans, buyers can do due thoroughness before opting for one. As homebuyers, selecting a RERA-registered project to make a safe investment is significant.