Difference Between RERA Registered and RERA Approved Apartments
Looking for a way to avoid stress when making a real estate decision? Over the last few years, the real estate sector has faced many changes that are subject to the home buyer’s protection specifics. In Kerala, RERA registration is mandatory for real estate projects and agents under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). Difference between RERA-registered and RERA-approved properties The major change that concerns the buyers comes in the form of the Real Estate (Regulation and Development) Act, widely known as RERA. Under RERA, the regulatory authority requires the registration of projects with them and various regulations to check the companies. Here we help you understand the difference between RERA Registered and RERA Approved properties. Discover how it is still possible to invest in real estate with a lot less stress. Key Differences between RERA Registered and RERA Approved RERA Registered Properties RERA Approved Properties A property is registered with regulations and laws regarding the Real Estate Regulatory Authority also known as RERA. A property that the Real Estate Regulatory Authority has registered and specifically endorsed. Mandatory for every project coming under the criteria laid out under the RERA Act. Suggests that it is possible to adhere to particular values of RERA approval and guidelines. A project cannot be legally advertised, marketed, or even sold without the developer having first registered the project. Developers may get approval to certify that the project adheres to RERA’s standards. The Project is to be registered and monitored in terms and under provisions of RERA. Adds confidence to the project that it is in line and is also checked with RERA standards and norms. The timelines, progress and compliance of each project are available on the RERA portal.RERA Approved Carrying out detailed scrutiny and giving approvals contributes to higher transparency considering compliance with the regulations. Gives assurance in project registration and compliance to fundamental aspects of RERA consistently. Reduces risk with a clear affirmation of the regulation abidance and product quality. What is RERA? The Real Estate (Regulation and Development) Act, 2016, commonly known as the RERA Act. RERA was started to safeguard housing consumers and also to boost real estate investment. The RERA Act was approved on March 10, 2016, through the Upper House of Parliament known as Rajya Sabha. At that time of 92 sections, only 52 sections were notified. All the other provisions of the policy were effective from May 1, 2017. Objectives of RERA Key Provisions of RERA Mandatory Registration Under RERA, If the land area is more than 500 sq meters or more than eight apartments projects of both commercial and residential need to be registered with the state’s Real Estate Regulatory Authority. As noted if the developer fails to register the property they cannot be able to market, advertise or sell the property. Project Details Disclosure Promoters are required to give broad specifications about the nature of the project, including layout plans, land status, approvals, time frame of completion and the project cost. Real Estate Agents Brokers, realtors and agents are also needed to register with the concerned regulatory body. Some of the organizations bring them under regulation hence ensuring that they practice ethical behaviors. Timely Completion The developer must complete the projects on the promised timeline. Delays in delivery lead to penalties and compensation for the buyers. Defects Liability The developers must provide remedial work for structural defects and other substandard work for as long as five years from the time the title to the property is passed on to the buyer. What are RERA Registered Properties? RERA Registered Properties are those property projects that are registered under the provision of the Real Estate (Regulation and Development) Act 2016 (RERA) enacted by the Government of India to safeguard the interest of the homebuyer and to bring in correlation and transparency in real estate business. Benefits of Buying RERA Registered Properties How to Verify RERA Registration? You can check the official website of the specific RERA applying for in the concerned state. Under the search field, you can enter the RERA number that has been given by your builder. Whether it is registered with RERA or not, you will be able to see all the details that the builder has provided to the respective RERA. Also, check the importance of CREDAI membership in builders What are RERA-Approved Properties? A RERA-approved property is a property that is not only registered with the RERA authority but also complies with the regulation stated by RERA. This relates to legal and technical compliance, where approval gives the assurance that there is compliance with the legal and technicalities of the projects. Benefits of RERA-Approved Properties Minimises risk It assures homebuyers and investors that the project does not violate legal provisions and regulations on construction. Consequently, it minimizes the effects of legal happenings such as unauthorized projects or extended possession. Protects the homebuyers Real estate involves a great amount of investment, and the regulation of RERA keeps homebuyers safe. Consumer protection is promised to rise with the help of the new dispute resolution forums and grievance redressal mechanisms. Enhances market credibility RERA approval helps the developers reach out towards raising the market reputation. The current home buyers have a preference for projects that are developed by some of the best firms with a reputation for delivering the project as planned. Improves return potential The infrastructure projects with RERA certification provide better sales value and rental worth since they follow construction quality and timely delivery. Besides, there is a likelihood that the availability of such properties will be in line with the buyers’ confidence that will be experienced in the current market. Promises fair pricing Buyers are assured of the sound pricing policies with the explanation of land, construction, and other costs, by the developers. The transparency eliminates the possibility of hidden costs of the property and ensures that every consumer pays a fair price for the property. Protection from misleading advertisements Only the developers who register
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