RERA defines as a Real-estate regulatory authority, which has been formed to eliminate illegal activities and frauds. RERA Act was formed in the year 2016 by the Indian Government. From the inception of RERA, every builder or developer must intimate the customer by uploading the progress in the work, and run by terms and conditions. The builder is accountable for every single prospect.
key benefits of RERA for a buyer
1) Every builder must register to RERA before starting any Layout or a project.
2) The builder must update the progress of the work systematically in the RERA portal. So, the buyer can easily figure out whether the project is legitimate or a scam.
3) RERA will be functional on a timely basis, the builder must complete the project before the deadlines. If not, the builder must pay hefty fines to RERA.
4) RERA has a law that 70% of the collected money from the investors must be put in a separate bank account, the collected money shall only be used for construction purposes.
5) After the builder handover the project, there will be 5 years limit, the builder must be answerable for any defect.
6) It also forbids the builders, to not take more than 10% money in advance from customers.
7) RERA will not tolerate any illegal construction and will not give a permit unit it is proved legal.
Well, to check whether the layout or the project is registered under RERA. Follow the below steps
RERA is functional in different states. Here I am taking the Telangana state as an example.
Type rera.yourstate.gov.in
Click on the first page
Click on the search registered projects and agents
Type the project name as it is in the search bar. Here, I'm taking a prestigious project named "Medhini meadows" from Hyderabad.
Click on the view option, to see the project complete details.
Make sure the project has no criminal or police cases.
This is the complete process to check whether the project is under RERA registered or not tigistered.
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posted by varun