Thinking of buying a flat? Your properties have to comply with RERA guidelines

Suren Goyal, Partner, RPS Group, said, “In practice, this means that developers will have to maintain a high degree of transparency in project dealing and pricing, provide a detailed project plan with timelines, and But quality standards have to be ensured.” Project phase. ,

According to Anurag Goyal, director of Goyal Ganga Developments, “Developers will need to ensure that their projects are registered with the appropriate regulatory authority, and that all necessary approvals and clearances have been obtained before starting the project. Plus, developers will need to keep up.” Accurate and up-to-date documentation including project timelines, construction schedules and financial details.”

To comply with RERA guidelines, developers need to maintain a high degree of transparency in project dealings and pricing. “They need to provide a detailed project plan with timelines and ensure compliance with quality standards at each stage of the project. This includes obtaining all necessary approvals and clearances before starting the project,” said Mrinal Mittal, director, Blacktech Realty

Saurabh Tyagi, CEO & Co-Founder, PropChk explains the RERA guidelines that your properties must follow

1) The building/project should be registered with the State RERA. Every state RERA has an online portal available for general public. One can easily check whether the building/project is registered with RERA or not by putting in its unique RERA registration number or by searching through the name.

2) If the project is under construction, the buyer should ask for the details of the escrow account in which the developer is bound to keep 70% of the money received from the clients.

3) RERA recognizes only the carpet area i.e. the area within the four walls of the dwelling unit. While valuing a property, its carpet area should always be measured before concluding the transaction. The carpet area should be as per what was done by the developer in the sale agreement.

4) Every property buyer should keep in mind section 14(3) of the RERA Act of 2016. It reads as follows: “five years from the date of handing over of possession by the Allottee to the Promoter in accordance with the Agreement for Sale relating to such Development in case of any structural defect or any other defect in workmanship, quality or provision of services or any other obligations.” is brought to the notice of the Promoter within a period of one year, it shall be the duty of the Promoter to rectify such defects within thirty days without additional charges, and in the event of failure of the Promoter to rectify such defects within such time The aggrieved allottees shall be entitled to receive appropriate compensation in the manner provided under this Act.”

5) Though the above clause protects the interest of the buyer, there is a gray area. If the defects found are due to wear and tear or negligence of the customer, the builder is not liable to repair such defects. Hence, it is strongly recommended that the property is thoroughly inspected before accepting the possession. Keep the inspection report on record by emailing it to the builder.

Ultimately, the RERA guidelines will benefit both developers and buyers. This will ensure a level playing field for all stakeholders in the real estate ecosystem, thereby paving the way for a more efficient and transparent real estate market in India. Compliance with RERA guidelines will also help developers win the trust and confidence of buyers, which is important in today’s highly competitive market.