It is obvious for an investor to prioritize financial security, hassle-free documentation, and transparency before closing the deal. However, the trust factor and credibility can be assured by the key players of the real industry. In short, the realty experts are acquainted with the legal compliance terms, updated terms of project management, and transparency. This is precisely where the RERA-approved projects are worth an exploration. But, uncovering the dynamics of RERA and understanding its implications will be the right move. This will also help you find the best RERA consultancy in India before locking in the property.
What you should know about RERA?
Real Estate Regulatory Authority or RERA law protects the interest of buyers. This law was introduced in 2016 to promote transparency & accountability and ethical practices in the real estate segment. With the help of RERA, it becomes easier for an investor to make a secure and informed decision. Unlike the traditional approach of finalizing the residential or commercial property, investors can now avail the layers of security through a RERA-approved project. Risks involved in the property transactions can be averted only if the registered projects are chosen. Since these projects abide by the guidelines of RERA, the transparency & accountability factors increase.
It further implies that if a real estate builder or developer violates the RERA compliance terms, he can be penalized or fined. In some cases, imprisonment, and project cancellation may also be applicable when the RERA guidelines are violated. The safest option to finalize secured investment is to connect with the top RERA consultancy in India and seek guidance for real estate transactions. Whether you are a home buyer or builder, here are some of the facts related to RERA that must be explored.
UPRERA imposed a penalty of Rs. 14. 41 Crore on Ansal Properties for unregistered sales in Lucknow. This accounted for 10% of the estimated cost of the sales.
RERA’s Key points of consideration for home buyers
Project Registration
All the ongoing and new projects should be registered with RERA. It further implies that details of the property should be accurately specified while getting the project registered.
Verify Registration
To ensure the builder or project is RERA-approved, you can check the state RERA website.
Access to project details or information
From the project timeline, superior quality of material used for construction, RERA compliance, and cost, to the other details must be provided by the builder.
Transparency
The builder must maintain transparency while sharing the project details such as project completion, layout, funds involved, and the RERA approval.
Escrow account
To promote fairness in the real estate transaction and prevent fraudulent activities, 70% of buyer funds are deposited in the escrow account. This step ensures the funds are rightly used for construction purposes while protecting the buyer’s investment.
Timely project completion
This provision assured as a part of RERA compliance ensures the timely project completion committed by the builder. In case, the project gets delayed, buyers can claim compensation.
Grievance Redressal
RERA provides a faster resolution for grievances shared by buyers or investors. Be it non-compliance, fraudulent real estate practices, or any other complaint that signifies a RERA violation, can be addressed by buyers or investors.
RERA’s points of consideration for builders in 2025
The implementation of a uniform IT website and platform by RERA is among the latest updates for builders. To promote transparency and ensure timely project completion, RERA has executed this initiative. Apart from this, the accessibility to the project details, and tracking the project status are likely to become easier with this real estate compliance update. Here’s a breakdown of the major changes and updates of RERA compliance that builders should be aware of.
QR codes for projects
UPRERA has made it compulsory for the promoters to use QR codes for all the projects. This code will enable the buyers to access the details of the project easily on the RERA website.
Uniform IT platform
Builders need to be familiar with the upgrade of project details and progress on the standardized IT portal of RERA. This update is intended to help buyers check project registration details, builder performance, and the progress of the project through a common resource.
Strict non-compliance rules
Strict penalties are being enforced by RERA for noncompliance related to timely project timelines and completion.
From the above information, it can be summarized that RERA has empowered buyers while protecting their investment rights. On the other strict guidelines have been ruled out by RERA builders and penalties in the case of non-compliance.
Partner with V3 Infrasol to avail of comprehensive legal guidance while investing in a RERA-approved project.
