Why is full disclosure essential in a real estate transaction

                Why is full disclosure essential 

                  in a real estate transaction?

For a home-buying transaction to be conducted in a fair and secure manner, here are some key aspects that must be disclosed by the seller to the buyer

 Any transfer of property requires buyers to possess all the information they need to ensure that the transaction is a fair one, regardless of whether it is a primary sale (i.e., from the developer to the first buyer) or a secondary sale (i.e., from an existing owner to the second or resale buyer). "Proper disclosure encompasses all the aspects that an incoming property owner needs to know about prior to the purchase,". "While each contract is different, there are some points that are common to all property transactions. These should be adhered to for a safe and secure transaction,".

RERA (Real Estate Regulatory Authority) has introduced much-needed transparency and accountability in the primary real estate market. She states, "While this ensures a cordial relationship between the developers and home-buyers, there are many important de- tails that a developer must disclose to a buyer during any transaction.

RERA details

The list begins with details of the project's RERA registration, which includes all the information shared with the regulatory authority. It is crucial to acquire the RERA registration number which identifies the project and its RERA compliance.  For instance, a homebuyer can obtain the RERA registration number of the project, and subsequently, through the MahaRERA portal, access all details about the project.

Details of the property

The homebuyer must acquire all the information from the builder pertaining to the project such as layout, execution plan, estimated date of possession, etc.

 Standardisation of carpet area

RERA has defined a method for calculating carpet area so that builders can easily assess the exact carpet area. This way, developers cannot provide inflated carpet areas to increase prices.

Quality of construction

Builders are required to be transparent about the entire construction process, ranging from the materials used to the technology employed.

Timely delivery

Builders must mention the possession date of the project. In the event of failing to meet the date of possession, penalties can be levied on the developer.