Things to Consider While Buying a Residential Real Estate Property under RERA
With the implementation of RERA (Real Estate Regulation & Development Act) since May 1, 2017, a huge transparency has paved in the scenario. From home buyers and builders to brokers and promoters, everyone is expected to heave a big sigh of relief. Especially, with the authority making it mandatory for every project to be registered under RERA, all the details about the project have to be uploaded to the respective site and with this, the developers cannot just tweak their action in any spur of the moment. Cases like non-possession of apartments, lopsided transactions and delay in project completion should no more prevail the scenario, as the act aims to create a more fair and evenhanded transaction between the buyer and seller of the property.
However, you should always be aware of a number of credentials before you are going to buy a Residential Real Estate Property under RERA.
Well, before the implementation of RERA, one of the major questions the homebuyers were bothered with was whether they should wait until the RERA act is streamlined or they should go in for home purchase right away.
Is the Residential Real Estate Property registered under RERA?
Under the Real Estate (Regulation and Development) Act, all the builders with ongoing projects must apply to the regulatory authority to register them and as a responsible buyer, you should always check out the same before you are going to buy a home. Once the registration process is done, the project details must be uploaded on the RERA site pertaining construction progress and its commencement. So, in case, you are looking for buying the best real estate properties in Pune, ensure that the builder has applied for RERA registration.
Does the developer have an established track record?
This is one of the main criteria to follow when you are going to buy a new home. Go ahead with investing on a reputed builder rather than clinging on to some ordinary developer with an average track record. Only a reputed builder can ensure that the project complies with all the norms and regulations stated under RERA act.
Is the developer financially stable?
Many builders do not have enough experience in the construction business but they do well in buyers mind through marketing stunts and hypes. Though RERA decrees an imposition of heavy penalty in case of delayed completion, still to avoid such untoward circumstances, one should always check if the builder is financially strong, so that everything falls into place.
Have you obtained the registration of the Residential Real Estate Property?
Before the implementation of RERA act, the real estate property buyers have often been the ones to face the consequences whenever anything goes askew in the process. It was actually no so atypical for the developers to divert funds received for one project to another one. And, it was always the buyers who had to bear the brunt. Nevertheless, under this act, the builder has to get every phase of the project registered separately, so that the investors don’t fall under the trap of getting cheated.
Are you charged extra for super built-up area?
This is also one of the main criteria to follow when you are going to buy a new home. According to RERA, the cost of the super built-up area should not be included in the selling price. So, before you pay the amount, you should always look into the matter and make sure you are only charged for the carpet area.
Does the builder have every real estate license for carrying out the project?
Provided, you want to encounter a hassle-free experience of property buying, it should be your prime responsibility to ensure that the developer has every approval to accomplish the project. It will not only ensure an unperturbed affair, but will also give you the leverage over getting your money’s worth.
Are you aware of the difference between carpet area and super built-up area of the Residential Real Estate Property?
Are you going to buy property for the first time in your life? Well, you should always have a sound idea about the difference between super built-up area and complicated area. Educating yourself about these necessary aspects is the best way how you can ensure that you won’t be cheated by the promoter. The carpet area includes the area within the wall, whereas the super built-up area consists of the stair case, lobby and the outer area of the home. Ask the Developer the difference between carpet area and super built up area, tell him to calculate it in front of you to have a better understanding.
Is Residential Property for Sale you are going to buy free from every possible dispute?
Last but not the least; you should always ensure that the land is free from every row and argument. Check for the property title, it will put an end to most of your worries. A quibbled over the project can delay the possession which would eventually trouble your cause.