The Real Estate Regulatory Authority (RERA) Act, 2016 has transformed the real estate landscape in India. This comprehensive guide explains how RERA protects buyers and what you need to know before making your property purchase.
What is RERA?
RERA is a regulatory body established to bring transparency and accountability in the real estate sector. It ensures that developers follow strict guidelines and deliver projects on time with promised specifications.
Key RERA Protections for Buyers:
1. Transparent Project Information - All project details must be registered and disclosed to buyers
2. Buyer Funds Protection - A portion of buyer's money is kept in escrow accounts
3. Timeline Compliance - Developers must deliver projects within agreed timelines or face penalties
4. Quality Assurance - Specified building materials and construction standards must be followed
5. Easy Grievance Redressal - Buyers can file complaints for non-compliance
How to Verify RERA Compliance:
1. Check RERA Registration Number on official website
2. Verify property details match registered information
3. Review project sanctioned plans
4. Check for any pending complaints
5. Verify developer's financial stability
Red Flags to Watch:
- Unregistered projects or properties
- Delays in project delivery
- Pressure to pay outside official channels
- Incomplete legal documentation
- Developer with history of complaints
Buyer Rights Under RERA:
- Right to full transparency
- Right to equal treatment
- Right to withdraw from transaction
- Right to compensation for delays
- Right to legal recourse
Steps Before Purchase:
1. Visit official RERA portal
2. Verify all project details
3. Check developer credentials
4. Review agreement carefully
5. Get independent legal advice
6. Never make cash payments
Conclusion:
RERA compliance is crucial for safe property purchases. Always verify compliance status before committing to any property deal. When in doubt, consult with legal experts. At Lashkari Properties, we ensure all our properties are fully RERA compliant and transparent.
For expert guidance on RERA-compliant properties, contact us today!
