Before RERA, taking real estate investment decisions were difficult due to an information asymmetry. Post July 31, this has changed. RERA has been hailed as a major step forward. Under the act, all ongoing or new projects that exceed 500 square metres or have more than eight apartments must get registered with the real estate regulator, in case the developers want to advertise and sell the units. The developers have to upload all details about their projects on the RERA website.
Localised search made possible by RERA website
As is evident, homebuyers looking to buy property should visit the RERA website before taking any property decisions. If you want to buy a property in Whitefield, Bengaluru, all you have to do is visit the official website and click on “Registered Projects” under the “Registration” tab. You will find the “Advanced Search” tab, where you need to enter additional details about the developer you want to go for, the locality and the area. The list of registered project in the locality you are searching will be displayed.
RERA-registered developers will be automatically trusted
One you have selected the project you are interested in, the website will provide all relevant information about the developer and its projects. Even the track record of the developer will be available. This is a big difference as a developer’s quality of construction and timely delivery are two very important factors in home buying. You will be able to know whether a particular developer has a good standing in a particular area. The financial details of the developer may also be checked.
Complete details of projects
It is very important for a homebuyer to have a complete understanding exact project layout, approved plans, clear title, carpet area etc. All of these details were extremely difficult to find earlier and many a times mislead the buyer. When booing an apartment in an under-construction project, you will also be able to know how many units have already been booked. This will indicate the demand for the project. Is the construction as per schedule? All details are provided on the RERA website.
Real estate agents must register under RERA too
Earlier, these agents were never held accountable and were not even required to get registered. Their services were even not a part of the formal process. This has changed as the website now has information on real estate agents who are authorised to deal in particular projects. The agents include brokers, property dealers and other third parties. They must have their registration numbers to participate in any home selling process. IN case of false claims and statements, the agent will be held liable and penalties will be levied.