While the majority of developers claim that their properties are RERA-registered, this is not the case in reality. Here is how you can verify the RERA status of a given project.
The Real Estate (Regulation and Development) Act, 2016, provides mandatory registration of a real estate project before advertisement. For this, the developer needs to upload the project details on the State’s RERA website, including approvals, specifications, and encumbrances, if any.
The Real Estate Regulatory Authority (RERA) of the State provides a registration certificate for the project after that. The buyers can check for this registration number on the official State RERA website to ensure that the project is RERA compliant.
How can you ensure that the property is compliant under the RERA Act?
Size Of The Property
Any property with a block size of a minimum of 500 square metres or comprising eight residential units come under the act’s purview. The builder must register the project under RERA before advertising or launching it.
Now that the law is in place and gives buyers never before security against trickery, always buy in a project that advertises with a RERA certification.
RERA Number
Each RERA-compliant schemes have a novel number. This number identifies the project and its RERA compliance. Homebuyers can use this number to check the details about that project on the state’s RERA website.
RERA Portal
Buyers must visit the RERA portal and check the features of the property that intrigues them. Using the RERA number, you can get all the details connected with your project on the RERA portal.
President of Credai-Western UP Mr. Deepak Kapoor said, “Once the RERA number is noted for a project, buyers can go to their respective state RERA website and search for the project by that number. This will give them all the relevant details about the project and confirm whether the project is RERA-compliant or not.”
Escrow Account
RERA directs that 70% of the payment obtained for the real estate scheme from the allottees must be injected into a separate account to be maintained in a registered bank to embrace the cost of development and the land cost of that project alone. Builders with projects registered under RERA must demonstrate that they have invested 70% of the total payment into an escrow account opened specifically for that project.
Original content source: https://www.kanoon-e.com/blog/ensure-that-the-property-is-rera-compliant/