Total Properties Statewide registered on RERA and benefits of RERA
Secure and stable access to housing and infrastructure is critical for the overall socio-economic wellbeing of each Indian citizen. Creating a seamless ecosystem built on a foundation of state and regulatory support acts as a catalyst for a positive change. The introduction of RERA in India in 2016 commenced for the same purpose.
Since the launch of RERA, transparency, developer compliance, grievance redressal and customer confidence have immensely increased. RERA has been successful in addressing many challenges the real estate industry faces at both its seller and consumer ends.
RERA and Benefits
Real Estate Regulation (and Development) Act – RERA was introduced to boost investment and growth of the sector while protecting buyer’s interests. On completion of five years, Boston Consulting Group (BCG) and Omidyar Network India (ONI) have published a report capturing the good and the bad of RERA.
The report suggests that 76% of the buyers prefer investing in RERA registered properties in future. It states that around 70% of the buyers are aware of the RERA Act but only 77% of all the projects are registered wherein metro and tier-I cities lead the numbers.
To improve transparency and minimise information asymmetries, 27 states in India have set up a web portal for assistance. However, six states and union territories are yet to set up the portal or implement RERA adequately.
Since RERA is registering slow but steady progress in customer experience and property buying processes, let us look at its list of benefits.
- On-Time Possession of Property
When real estate promoters or sellers register on the RERA portal, they become compliant to deliver the project on time. Failing to do so may attract hefty penalties under the act. Moreover, the promoters can only ask for 10% of the booking amount post the sale agreement.
- Find Accurate Property Details
The promoters must provide accurate property details from the time of inception to completion and possession. The details include amenities offered, dates of start and completion, and similar details that can not be altered.
- Assured License Clearance
For all RERA registered properties, the real estate promoters must procure various building licenses before selling a single unit. It assures the consumers are not drawn towards a false scheme or amount.
- Quick defect repairs
It is compulsory under the RERA Act that the promoters must repair all defects and deficiencies in the unit sold to the consumer post possession. The number of repairs may vary.
- Restricted ads
The promoters can only advertise their real estate project once it has been registered under the RERA Act. All ads must have the registration number displayed on the ads for their consumer’s convenience.
Statewide Registration on RERA
The following table contains the information links to all RERA registered projects depending upon their respective state.
Note: The links mentioned above include every detail of the RERA registered projects, including the customer redressal platform and similar other facilities.
In Conclusion
The RERA Act is implemented on state levels wherein the functioning government bodies are responsible for the registration and approval of commercial and residential real estate. In addition, the state government bodies also maintain sale and purchase transactions of real estate projects.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
