Rera Explained: What A Real Estate Buyer Needs To Know Before Buying His Dream Home.

A wise person will always think of saving his hard earned money, so why do you risk your money like gambling money before knowing about RERA. RERA approval provides legal recognition to any real estate which is very future safe and protects from legal proceedings in future.

According to the RERA Act of 2016, any real estate project, whether commercial or residential in nature, if the total area to be developed is not less than 500 square meters or the number of apartments to be built in any phase is less than eight. So it has to be registered under RERA for the benefit of the buyer.

Understanding the Real Estate Regulatory Authority.

The Real Estate Regulatory Authority, or RERA, was set up by the Real Estate (Regulation and Development) Act of 2016. This law was passed by the parliament which protects the interest of home buyers, encouraging transparency, avoiding fraud and giving legal permission. All the states and Union Territories have made the Real Estate Act mandatory for all the real estate deals between the buyers and the sellers. The Hon’ble Supreme Court of India has granted the constitutionality of this act in the case of NEELKAMAL REALTORS V/S UOI.

As per the Act, it is compulsory to obtain registration for any real estate project which covers an area of 500 square meters and above or comprises of eight or more apartments in each phase, with RERA of the state where the project is being developed. While processing the registration, all the details of the project, the approvals, the land documents and so on are needed. When a project is registered, it boosts the projects authenticity and marketability thus making it more attractive to investors. The objectives of RERA include several key goals. There are various objectives of RERA are:

• To protects the interest of buyer.
• To protect buyer from fraud.
• To make transparent system between buyer and seller.
• To solve disputes between buyer and seller.
• To set standardization for pan-India.
• To make buyer more confident while buying home.

BENEFITS OF RERA APPROVAL

                         The Real Estate Regulatory Authority (RERA) provides numerous benefits aimed at protecting homebuyers and promoting transparency in the real estate sector. Here are the key benefits:

• RERA helps ensure timely project completion while safeguarding buyers from fraud and deceit.
• The Act makes the registration mandatory for all builders/developers before starting of project.
• The rules of RERA applied on both residential as well as commercial properties.
• It increases Accountability of builders.
• It makes the buyer feel confident.
• It give advantage to builder/developer in rate of property.

RERA approval helps to make the real estate process simpler and safer for everyone RERA protects buyers from fraud and also reduce usual delays. RERA also helps in redressal of grievances and makes the system more transparent between buyer and seller. Both buyers and developers can trust that everything will be handled fairly, making the entire experience smoother, more reliable, and less stressful for everyone and the most important that RERA give buyer a legal validity of real estate.

CONCLUSION

RERA which is Real Estate Regulatory Authority which makes the system of buying and selling more transparent and bring safety in real estate sector. By requiring project registration, it ensures that developers submit precise information and adhere to timelines, safeguarding homebuyers against fraud delays. RERA mandates that developers list projects that exceed 500 square meters or include more than eight apartments, establishing a dependable and trustworthy system. This gives buyer’s increased assurance in their investments, knowing that the projects are officially sanctioned and managed appropriately. Developers gain advantages too, as RERA aids in cultivating a reputation for responsibility and openness. The overall effects of RERA are a more equitable, structured, and secure real estate market for both purchasers and sellers. With RERA established, the entire home-buying experience is rendered simpler, clearer, and significantly less stressful for all parties involved.

Author: Shashank Saxena, in case of any queries please contact/write back to us at support@ipandlegalfilings.com or IP & Legal Filing

References:

https://www.bajajfinserv.in/insights/know-all-about-rera-act

https://housing.com/news/rera-will-impact-real-estate-industry/?gad_source=1&gclid=CjwKCAiAxqC6BhBcEiwAlXp45xMcvXst1x0Nx9l1Y6K6e0WnEl6yZb0-zSkv5fy4djqRsfUXwhjIwBoCQF8QAvD_BwE

https://en.wikipedia.org/wiki/Real_Estate_(Regulation_and_Development)_Act,_2016

https://www.google.com/search?q=objetives+of+real+estaet+development+act&oq=objetives+of+real+estaet+development+act&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yCAgCEAAYFhgeMgoIAxAAGIAEGKIEMgoIBBAAGIAEGKIEMgoIBRAAGIAEGKIEMgoIBhAAGIAEGKIEMgoIBxAAGIAEGKIE0gEJMTgwODVqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-83