Outlook Money
For one to buy a property, it is the biggest decision of life. One needs to be careful here that the property they are buying is RERA registered.
All homebuyers should invest in RERA-registered properties only. The Real Estate Regulatory Authority (RERA) requires developers to register projects, disclose all relevant details and approvals, and update completion status and timelines regularly. This ensures homebuyers' rights are protected.
For homebuyers to verify the builder credentials, they must visit the RERA website and navigate to find the relevant inputs such as project name, builder name, etc.
For verifying the project's legal compliance, key documents include the RERA registration certificate, land title deed, approved building plans, and permissions from local authorities such as environmental clearances and commencement certificates.
There is a right to seek legal compliance in case the project is delayed or has low-quality work. Under Section 18(1) of RERA, if the promoter delays possession or fails to complete the project on time as per the sale agreement, they must refund the amount received from the buyer along with applicable interest.
Compiled by Syed Muskan