Is It Safe To Buy Ready To Move Property Not Registered Under Rera

Delhi/NCR

You may country in serious trouble if y'all buy in a projection which is non registered with your land's or UT's RERA. Read below the benefits of RERA-registered projects, and the risks involved in those non registered.

Homebuyers beware of ownership in a project under construction, which is not registered with your state's Existent Estate Regulatory Authorisation (RERA).

These regulatory bodies were formed final twelvemonth in many Indian states and UTs with the objective of protecting the rights of homebuyers and July 31, 2017 was the deadline for registration of projects under RERA, while projects non registered are at present deemed illegal.

In unproblematic words, buyers purchasing backdrop in a projection that is still not registered with RERA tin face up difficulties and will be on the weak side if they arroyo RERA in example they desire to file a complaint.

Narendra Kumar, advocate on record with the Supreme Court, says that RERA takes care of everything involving developers and consumers in the real estate sector. "RERA is a foolproof regulation to re-build trust, bring in transparency, and safeguard consumers' interest. If a builder fails to register his project with RERA, it is his fault. When buyers approach RERA for redressal of any grievance, they would exist asked why they opted for an unregistered projection," Kumar says.

It is mandatory for developers to quote the registration number in all their promotions, which means they cannot advertise a projection unless it is registered with RERA. So, cheque out if the project you are interested has been advertizement in the media or not.

Anthony De Sa, Chairman of Madhya Pradesh RERA, said that though RERA volition not pass up to accept the complaints of any homebuyer, it is the responsibleness of consumers to bank check whether the project they are investing in is registered with RERA or not.

On the RERA authority portals, the details of commercial and residential projects are mentioned. A programmer has to list all the details and updates about the project, number of units, floors and how many are sold or unsold every three months. Commercial or residential projects with 8 units and more than come under the ambit of RERA.

All new projects and those nether structure come nether the catenary of RERA. The authority ensures that a developer delivers what he promised to buyers as mentioned in the sale agreement, including adherence to the completion schedule.

What comes nether RERA?

The Real Estate (Regulation and Development) Act of 2016 defines projects that come nether its purview:

a) Every project where the area of land proposed to be developed exceeds 500 foursquare metres, or the number of apartments proposed to be developed exceeds 8, inclusive of all phases;

(b) Where the promoter has received completion certificate for a real estate projection prior to the offset of this police force;

(c) Any projection other than that where renovation or repair or re-development is undertaken, provided that this does not involve marketing, advertising, selling or new allotment of any unit, plot or building, as the case may be, in that real estate project.

Preeti Sharma, Times Property, The Times of India/Magicbricks Bureau, Delhi/NCR

Is It Safe To Buy Ready To Move Property Not Registered Under Rera,

Source: https://content.magicbricks.com/property-news/delhi-ncr-real-estate-news/implications-of-buying-in-projects-not-registered-with-rera/98677.html#:~:text=In%20simple%20words%2C%20buyers%20purchasing,want%20to%20file%20a%20complaint.

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