Why buy RERA-approved properties?
Why buy RERA-approved properties?
In the fraudulent world, everyone looks for the genuine property. In the past era, it was literally hard to find a genuine property. People were totally dependent on the agents, so agents take advantage of this and use to sell one property to multiple buyers. This causes very hard conflict between the multiple buyers of a particular property.
The past era was very smudged, with no transparency, no legal advisor, lack of technology etc which all leads to fraud. The graph for real estate complaints was at its peak. Due to the increase of multiple cases government took a step.
In 2016, the government passed a new act named RERA ACT (Real Estate Regulatory Authority). Now things were in the control of the government.
So, in this blog, we will discuss the different features of RERA-approved properties.
What is RERA?
RERA is a real-estate act, that stands for Real Estate Regulatory Authority. In this act, the government has applied a rule that all builders and developers carry out RERA registration before they start a project. If someone doesn't have RERA approved certificate then that property will be illegal according to the government's perspective.
RERA is online, with the help of the RERA number you can check property details online. One can easily check any property through its RERA number easily. Just upload the RERA number on the RERA website you will get each and every detail of that property.
RERA is a national process. Just search for Punjab RERA, UP RERA, Rajasthan RERA etc. RERA brought transparency between the buyer and the seller.
Also Check:- rera approved plots near jewar airport
Bullets about RERA:-
1. With the help of RERA the percentage of property fraud is reduced from 10% to 5%. Because the government had made the strict rule, everyone has to apply for RERA-approved property.
2. Builder has to take a RERA-approved certificate before construction of the property.
3. Not only for residential projects RERA is also applied for commercial property too.
4. RERA helped the buyer and seller by building transparency between them.
Benefits of RERA certification:-
i} Accuracy of carpet size:-
In the earlier time, the way of measuring carpet size was not good enough. Things were not going in the proper way. Someone measures the plot size of 2000 sqft and someone uses it to measure the same plot size of 1800 sqft. The wrong measurement of carpet size also affects the cost of the property. So, this was also a very serious topic for creating conflicts. To stop this type of issue, the government passed a formula to calculate the carpet size:- the price of Property = Carpet Area X Rate per sq ft.
With the help of this formula, today things are very clear. You will get everything about the property at the RERA portal. So, with the help of the RERA, you will get the standard size of carpet area.
ii} Issue related to prior payments:-
In the past era, there was no fixation on the down payment, agents were asking for a 60% down payment, and 20% or 40%, the down payment was not fixed different agents asks for a different amount. That was causing bad results. After the increase of the RERA rule, the buyer only has to give only 10% down payment.
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iii} Full information
In the earlier time, buyers shouldn't get full information about the property. Due to a lack of transparency sellers hide things from the agents. So, some things skip from the seller's side. Not only from the seller's side but agents also us to hide the things like fine charges, any dispute, illegal action, cancelled property etc. So, this leads to many conflicts between the seller and the buyer.
For terminating this type of false activity government passed the RERA act in which buyers will get each and every useful information from the website. The buyer will get full information about the property with a single click. That helped the buyer to get all legal information about the property.
iv} Fault after possession
The most important factor of the RERA certification is fault after possession. In the earlier time after selling a home, sellers do not take any responsibility for the damage to the building. They use to add bad quality products while making the building. With unfair practice, buyers start facing problems in future. After 1 year of buying a property, the property starts damaging day by day.
In a short way, we can say that in earlier times there is no responsibility of the seller after possession. So, for protecting buyers from this type of unfair activity, the government passed a RERA act in which it is written that. If any type of problem comes in the building for 5 years the repairing cost will be reimbursed by the builder within a month.
v} Fix interests
Now all the interests and all the interests percentage are the same. In early times the interests are different but after the proposal of RERA, all the interests are common on the internet. You just have to pay the only amount that is showing online. Now all the interests are fixed so interest theft is now less.
You will get no hidden charges. If anyhow any hidden charges come except RERA friendly just don't pay them.
Appropriateness of RERA :-
1. RERA is only applicable to selling the property, not for rental property.
2. After the RERA proposal there will be only one modal sale between the buyer and the seller.
3. RERA is applicable for every property whether it is a shop, office, building, flat etc.
4. Any projects which are exceeding 500 sqft of an area or more than 8 floors must also be approved by the state RERA.
5. The best rule is that the builder has to deposit 70% of the money in the bank through a cheque.
6. Projects which are under construction, have to report each phase individually.
How to apply for RERA?
1. Just open a bank account according to section 4(2) (1) (D) of the RERA act.
2. After opening an account just fill out the RERA registration form which is known as Form-A.
3. If you are applying as a RERA agent so you also have to fill out Form-B.
4. After filling out these forms you just have to complete other formalities like completing your project documents according to the RERA demand.
5. Now pay the RERA fees, RERA fees vary from state to state.
6. After these all procedures, now you are registered.
Questionnaire/ FAQ:-
Q- What is the purpose of the RERA Act?
A- To stop fraud.
Q- Full form of RERA Act?
A- Full form RERA is Real Estate Regulatory Authority.
Q- Who introduced RERA Act?
A- UPA Government introduced the RERA Bill in the Rajya Sabha
Q-When RERA Act came to India?
A- RERA Act came in10 March 2016.
Q- How to file a case in RERA?
A- Kindly visit the official website of RERA, visit the RERA office in Lucknow, or Gautam Buddha Nagar. Also, they can call the helpline number to register complaints.
Q- Why RERA Act?
A- RERA provides an excellent and inexpensive grievance redress mechanism for buyers.
Q- What is RERA certification?
A- RERA certificate is Certified Training for Real Estate Brokers.
Q- What is the full form of OC and CC?
A- OC stands for Occupancy Certificate (OC) and CC stands for Completion Certificate (CC).
Q- Is GST applicable after OC?
A- You don't have to pay GST when buying a flat after obtaining the completion certificate or occupational certificate.
Some State Wise RERA Links:
Uttar Prades:- www.up-rera.in/index
Andhra Pradesh:- www.rera.ap.gov.in/RERA/Views/Home.aspx
Arunachal Pradesh:- www.arunachalpradesh.gov.in
Assam:- www.gmda.assam.gov.in
Bihar:- www.rera.bihar.gov.in
Chhattisgarh:- www.rera.cgstate.gov.in
Goa:- www.rera.goa.gov.in/reraApp
Gujarat:- www.gujrera.gujarat.gov.in
Haryana Panchkula:- www.haryanarera.gov.in/login/loginview
Haryana Gurugram:- www.hareraggm.gov.in/en
Himachal Pradesh:- https://www.hprera.in/WebSite/Home
Rajasthan:- www.rera.rajasthan.gov.in
Punjab:- www.rera.punjab.gov.in
Conclusion
In this blog, we have covered each and every important part of the RERA. We have tried our best to add the best points related to RERA. In this blog, we have covered what is RERA, the benefits of RERA, how to apply for RERA and many more points. If have any queries or want to share something just fill the below form positively.
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