The Real Estate Regulatory Act (RERA) 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to encourage greater transparency, citizen centricity and accountability into the real estate sector.
If you are planning to buy a house in the RERA era, one must keep the following essentials in before making the final decision of owning a house.
1. Technical aspect: The project should be registered under RERA with the registration number prominently displayed in its advertisements. Visit the RERA site to find out whether the project is registered with RERA or not. Even a registered project should have all the approvals specified in RERA. "Before planning to buy a property, a buyer should check whether the project is registered with RERA; it is imperative for all developers to register themselves, as well as their projects, with RERA. If the project has no registration, better avoid it," Gaurav Mittal, MD of CHD Developers Ltd, said.
2. Knowing the developers better: Before finalizing the project, a buyer should research about the developer background such as whether he has the capability to deliver the project on time or not.
3. Super built-up and carpet area: Earlier, houses were usually sold based on built-up and super built-up areas, and not by carpet area. "After RERA came into force, developers must specify the carpet area of the proposed project and apartment, and not the super built-up area. This will help a buyer compare and choose a project which offers better efficiency and utility, and make a sound purchase," Rahul Singla, director of Mapsko Group, says.
4. Know the total cost of the property: One should know both the basic price of property alongwith the additional costs. "Especially, if you go through brokers or channel partners, they may only mention the basic cost and ignore other expenses like parking, clubhouse, preferential location charges, etc. Remember to ask for the total cost before booking your house," Ssumit Berry, MD of BDI Group, says.
5. Possession timeline: A buyers must always check on the RERA website to know when has his developer committed for the completion of the project so as to avoid unnecessary problems and confusion.