Rera Vision

Dealing with real estate projects is complex and gets more complicated if RERA is included. However, individuals must understand that RERA is essential when the real estate industry is involved. This initiative of the Real Estate Regulatory Authority (RERA) Act in 2016 was to promote transparency and accountability for home buyers. This blog post will discuss the significant differences between RERA and non-RERA and why you should care. We will also discuss all the key measures, like the RERA Project Timeline Extension and many more under RERA projects.  Meaning of RERA  The complete form of RERA, which is the Real Estate Regulatory Authority, states that RERA is an authority that manages the real estate industry. This regulatory body was formed due to increasing fraud, creating quality issues, financial issues, and project delays.  Key Differences between RERA and Non-RERA Projects: Legal Framework: On RERA projects, there are strict guidelines, rules, and regulations of the Real Estate (Regulation and Development) Act, 2016 (RERA). Due to these guidelines and rules, there is transparency, and every individual is accountable for their actions.  However, non-RERA projects don’t follow any rules or regulations, which increases the risk for buyers due to lack of oversight.  Project Registration: All projects under RERA must have completed their respective registration process under their state’s RERA authority. Moreover, there is detailed but easy paperwork involved in RERA registration. Individuals have to submit detailed project plans, timelines, and financial information. This data plays a vital role in maintaining transparency and accountability.  On the other hand, non-RERA projects lack paperwork and registration. Due to a lack of paperwork, homebuyers start doubting all the information and assess potential risks. Buyer Protection: There are several buyer protection measures involved in RERA projects: On the other hand, RERA projects possess weaker safeguards for buyers, and no safeguards create project delays, cost overruns, or even project abandonment. Transparency: There is significant and enough transparency in RERA projects: Developers have to be honest and have to disclose several details, like:  Why It is Important to Understand the Key Difference? Lesser risk We have often seen projects get delayed or abandoned due to financial or legal constraints. So, RERA introduced the concept of an escrow account to minimize these risks. Moreover, detailed guidelines have already been written for project delays, cost overruns, and quality constraints.  Confirmed protection  With the help of escrow accounts and a detailed project outline, homebuyers gain confidence and start trusting the process. Moreover, the blueprint of the project, along with the timeline, removes financial and mental burdens. RERA also protects buyers’ interests and ensures a fair and timely resolution of any issues. Maximum transparency  RERA mandates the disclosure of crucial project details on the RERA website. This allows buyers to access information about the project, developer, and approvals. RERA reduces the information asymmetry between buyers and developers, creating a more level playing field. FAQs How do I check RERA registration? Some simple steps are involved in checking RERA registration. Individuals must visit the official state RERA website and find the option “check project registration.”. Follow the steps and input the respective name of the project, then check the details to get insights into the project registration status. What are the advantages of RERA-registered property? All the RERA-registered properties have some rules and regulations with some mandatory requirements. Moreover, RERA projects also ensure transparency and accountability for homebuyers.