What is RERA and Why should you only purchase a RERA-registered apartment?
What is RERA and Why should you only purchase a RERA-registered apartment?
RERA:
What is RERA? The Real Estate Regulatory Authority or RERA was established under the Real Estate (Regulation and Development) Act, 2016 to regulate the estate sector, address homebuyers’ issues, and enhance real estate investments.
Providing a unified legal regime for the purchase of flats, apartments, etc., the Act seeks to standardize the fundamental industry practices across the country.
According to RERA:
- The landowners should inform the allottees about any minor addition or alteration.
- Consent of 2/3rd allottees about any other addition or alteration is required.
- Launch, advertisement, and sale before registration with RERA are not allowed.
- Consent of 2/3rd allottees is required for transferring majority rights to 3rd party.
- All projects with more than eight apartments or 500sq meters should be registered with RERA.
- Details such as complete drawings, utility layouts, etc., must be finalized by the builders before the project commences.
- The timely completion of projects and delivery to the consumers is an added assertion.
- Once in three months, the updates regarding an ongoing project and its booking details should be submitted online by the builder.
- Insurance cover has to be given by the builder until the property is handed over.
- The builder should take up responsibility for construction defects for up to five years after the sale.
Why RERA
The need for a regulatory authority to oversee and handle issues related to respective sectors is inevitable. The real estate industry was missing one such regulatory authority for a long while.
Post establishment of RERA, each state and union territory of India is allocated its own Real Estate Regulatory Authority under the Act. It operates to safeguard the stakeholder’s interests, collect data and store it at a designated repository, develop a solid grievance redressal system, etc.
The act mandates the compulsory registration of any real estate project:
- With a total area to be developed of more than 500 square meters
- With more than eight apartments promised to be developed in any of its phases
- Existing without a completion certificate (CC)
- Existing without an occupancy certificate (OC)
Builders or developers and promoters are also made to mandatorily provide detailed information about the project such as the land status, promoter details, approvals, completion schedule, etc.
The proposed project can only be marketed upon the successful completion of the registration and post-certification that the construction-related approvals are in place.
Why should you purchase a RERA-registered apartment?
Passed by the Indian Parliament in order to protect the interests of homebuyers and encourage real estate investments, the RERA Act essentially is set up in favor of the homebuyers.
RERA approved apartments projects manifest an outstanding organization of the workflow, timely completion, and prompt updates of different phases, transparency of the paperwork, and fulfillment of the construction-related regulations, etc
Extending nearly 75% of the total real estate projects in the country, it is compulsory that the builder should be registered with RERA and have a registration number if their buyers want to avail of home loans in order to purchase their apartments.
RERA-registered builders in Kerala
Introducing the true implementation of construction quality and luxury beyond words, into its flats and apartments in Kochi, Veegaland Homes has proven to be one of the most reliable builders in Kerala, when it comes to on-time delivery of apartments in Kerala and adherence to the stipulated real estate norms.
Built with state-of-the-art design and world-class amenities, RERA-approved Veegaland Homes flats and apartments for sale in Kochi, flats in Kozhikode and Flats in Thrissur assures homebuyers a seamless purchase process from start to finish.
To learn more about our upcoming and ongoing RERA-registered apartment projects in Kerala, visit: https://www.veegaland.com/
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