Here’s how RERA benefits homebuyers

 Here’s how RERA benefits homebuyers

The government announced the Real Estate (Regulation and development) Act,2016 and set up RERA for each state to regulate and promote transparency in the real estate sector. Anand  gupta ,chairperson of the housing and RERA committee of a national apex representative body of civil engineering construction companies, informs, ’’According to the Act, every real estate project where the total area to be developed exceeds 500 sq m or more than eight apartments proposed to be developed in any phase-must  be registered with its respective state’s RERA.’’

     Niranjan Hiranandani, vice –chairman,  NARMECO, further shares, “The Act mandates developers to display detailed information of their project, which will help discerning homebuyers make an informed decision. The aim was a common information exchange for the buyer and seller, which will ensure streamlining of the process and documentation, enabling ease of doing business.’’

Access of information

The RERA website has plenty of useful information like the developer’s profile, track record, details about ongoing and past litigations, promotional material about his projects, details of plots and apartments, an authenticated copy of all approvals, commencement certificate, sanction plan, layout plan, specification, plan of development work, proposed facilities, proforma allotment letter, agreement for sale and conveyance deed, details of registered brokers or brokerages , as well as approval status and project layout plans. If one is planning to buy in an under-con- struction project, they can access details on the RERA website about the number of units booked-rather than relying on the information provided by the builder.    

Availability of land title documents

Some of the land documents such as the project’s land title ownership, which were inaccessible to buyers, are now available on RERA website for buyers’ scrutiny.

Clarity on carpet area and amenities   

For first-time buyers’ the concept of carpet area, built-up area, and super built-up area can be confusing.The conventional practice of pricing based on the carpet super built- up area is na longer permitted. Now the quoted price is based on the carpet area of the property. Jitesh Lalwarni, president of a real estate advisory, explains, "Under RERA, this ambiguity has been eliminated, and buyers pay the price based on the carpet area which is already stated on the website. Developers share all the details of the amenities. This gives buyers an added advantage of gaining knowledge about the amenities offered by the developers and choosing the project based on their preference."

Facility to check payment plans

Now with the availability payment plans like flexi payment. possession-linked payment, and construction-linked plans – buyers can do due diligence before opting for one. As homebuyers, it is important to select a RERA-registered project to make a safe investment.