Real estate transactions are becoming transparent with the implementation of RERA guidelines. Most of the buyers are not familiar with the benefits of choosing a registered project that adheres to the regulatory & compliance guidelines of RERA. Not only do the rights of buyers get protected, but the level of transparency also increases between the builder and the client. Before the RERA implementation, multiple issues were faced by investors, and the latter could not do much about it! Hence, the RERA consultancy in India is committed to changing the phase of real estate, preventing fraudulent or misleading practices by the builder through due diligence.
How is RERA approval making a difference to the modern real estate projects?
In the traditional picture of real estate, the chances of getting duped or delayed possession were some common issues faced by the home buyer. Additionally, the false promises of builders, not disclosing the accurate carpet area of the project, or the misuse of the buyer’s funds led to a delay in project execution. Thus, the buyers were clueless about the solution, and bearing financial loss was the only thing they would experience. However, reversing this scenario of the real estate has become possible through legal & land due diligence conducted by the top RERA consultants in India. Not only do these experts verify the project details, but they also guide the builder to make documentation easier.
It further implies whether it’s any missing documents, corrections, or assisting in streamlining the due diligence of the project, the RERA approval becomes a hassle-free goal for the builder. On the other hand, the optimal use of escrow accounts during project management and other prerequisites is discussed in the consultation by the dedicated RERA consultant. The objective of legal and land due diligence is to minimize the risks for buyers and builders. Both parties may be at a loss if the RERA guidelines are not followed by the project owner. If the buyer has to face financial loss or any other inconvenience, the builder will also face penalties. Be it compensation or a fine due to non-compliance, these risks can be averted if the timely assistance of RERA consultants is availed.
A comprehensive guide to legal and land due diligence
To understand the relevance and connotation of RERA approval, let’s start with the basic assessment. On average, a builder, a real estate agent, allottees, and promoters are involved in the real estate transaction. Hence, the layer of transparency between them is important for a successful project execution. But the due diligence, project registration, verification of documents, obtaining NOC, and uncovering transaction advisory or DPR submission demand expertise. Therefore, the legal assistance, due diligence implementation, and step-by-step methodology are carried out by the RERA consultancy in India. In the initial phase, the legal, financial, and regulatory aspects are verified before the transaction. The developers are required to get their project registered before advertising or launching it.
The RERA compliance mitigates the potential issues of traditional real estate. It’s time to explore what legal due diligence and land due diligence imply!
Legal due diligence: As a part of legal due diligence, the legal documents pertaining to title deeds, encumbrances, and other related aspects are evaluated. The purpose of this step of due diligence is to make the real estate transaction free of disputes. Moreover, the project becomes RERA compliant by following the regulations related to real estate.
Use cases of legal due diligence
Clear title verification
The objective of this step of legal due diligence is to ensure there are no outstanding claims or encumbrances. Alternatively, it also ensures that the developer legitimately owns the property with a clear title.
Risks for buyers and investors are minimized
Apart from minimizing the risk for buyers and investors through RERA compliance, the confidence of investing in the project also increases. Most of all, the legal checks by RERA consultants make the real estate transaction legally secure.
Land due diligence: According to RERA, zoning laws have been designed for different real estate projects. Hence, it is essential to verify the suitability of land in terms of development, environmental assessment, and infrastructural advancements. Let’s take a look at some of the use cases of land due diligence for a better understanding!
Use cases of land due diligence
Assessment of environmental conditions
Use case: Identifying, evaluation, and management of environmental risks related to the land are the aspects involved in this process. To be specific, contamination of soil, water pollution, air quality issues, and the other hazards affecting the ecological balance are checked in the land due diligence. Based on these details, the buyers can make an informed decision.
Financial Analysis
The objective of this aspect of land due diligence is to check the financial risks, potential appreciation value of the property, and its market value. If the property is overvalued, then investing it may not be a practical option for the buyer.
Apart from these use cases, several aspects of legal and land due diligence have to be aligned with precision by the top RERA consultants in India. Hence, if you have recently decided to execute a real estate transaction, then make sure your property is RERA compliant. Connect with V3 Infrasol, and our highly qualified and seasoned experts will help you with comprehensive project management services. The lifecycle of your project will be executed with precision while clearing all the red flags for RERA compliance. This may sound complicated, but our legal and land due diligence experts will handle the RERA approval on your behalf. So, what are you waiting for? Secure your real estate transaction by connecting with us at [email protected].
