Buy the properties that are registered with RERA
Aug 28, 2017 Real Estate News
Constant efforts are being made to revive the cold real estate industry of the country. One such effort is bringing Real Estate Regulation and Development Act, 2016 into full force across the country. The banks and loan lender companies have reduced their interest rates as well to make the home buying easier and pocket friendly for the buyers.
If you are looking forward to taking the advantage of the scenario and want to invest in the real estate, it is recommended that you invest in the project that is registered under RERA. If the project is not registered under RERA then there are chances that it can be a trouble for the developer.
July 31 was the deadline for the builders to register their projects with the RERA body formed on 1st May. This was setup to secure the buyers’ interest and save them from the getting exploited by the ill practices of the builders. Any project that has failed to register with RERA is now considered illegal. All the projects that have been completed and have acquired completion certificate by April 30 and the under construction projects that have been registered under RERA are safe to make the sales for the same. The future of the rest is in question.
Consumers that will purchase the real estate project that is not registered under RERA and in a weak position and the body will not be very helpful if they approach them for any kind of grievance. If the builder has failed to register themselves with RERA then it is builder’s fault. The buyers will be questioned as to why they bought an unregistered project if they approach them for any grievance.
The builders are registering their projects but since they are new to it, they get confused and therefore it is taking time to get all of the projects that have applied for registration to get approved. But the ones that have completed the formalities and have applied for registration will get approved in within a month.
The law also states that the builder will have to show their registration number for the promotion. That means, unless it is registered, they cannot promote their project.
Developers can do the registration online. The developer will have can upload the information regarding residential or commercial projects online. They will have to update it every three months stating the progress of the project, the number of inventory sold and unsold, project clearance details.
RERA does not control the pricing of the projects. All the new and on- going projects fall under RERA now. Commercial and residential projects will more than 8 units fall under RERA too. The main aim of RERA is that the developer delivers the project to the buyer as promised.
If you are looking forward to taking the advantage of the scenario and want to invest in the real estate, it is recommended that you invest in the project that is registered under RERA. If the project is not registered under RERA then there are chances that it can be a trouble for the developer.
July 31 was the deadline for the builders to register their projects with the RERA body formed on 1st May. This was setup to secure the buyers’ interest and save them from the getting exploited by the ill practices of the builders. Any project that has failed to register with RERA is now considered illegal. All the projects that have been completed and have acquired completion certificate by April 30 and the under construction projects that have been registered under RERA are safe to make the sales for the same. The future of the rest is in question.
Consumers that will purchase the real estate project that is not registered under RERA and in a weak position and the body will not be very helpful if they approach them for any kind of grievance. If the builder has failed to register themselves with RERA then it is builder’s fault. The buyers will be questioned as to why they bought an unregistered project if they approach them for any grievance.
The builders are registering their projects but since they are new to it, they get confused and therefore it is taking time to get all of the projects that have applied for registration to get approved. But the ones that have completed the formalities and have applied for registration will get approved in within a month.
The law also states that the builder will have to show their registration number for the promotion. That means, unless it is registered, they cannot promote their project.
Developers can do the registration online. The developer will have can upload the information regarding residential or commercial projects online. They will have to update it every three months stating the progress of the project, the number of inventory sold and unsold, project clearance details.
RERA does not control the pricing of the projects. All the new and on- going projects fall under RERA now. Commercial and residential projects will more than 8 units fall under RERA too. The main aim of RERA is that the developer delivers the project to the buyer as promised.
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