Last Update: May 09, 2023, 16:07 IST
Are you buying a new home? know this
RERA guidelines to be kept in mind before buying a flat
Buying a home is one of the most important moments in a person’s life. If you are in the process of buying an apartment, there are a few things you should keep in mind. The most important thing to check is whether the acquisition complies with the Real Estate (Regulation and Development) Act of 2016. The RERA Act was enacted to increase transparency in the real estate sector and protect the interests of buyers. If you are planning to buy a home, here are five RERA guidelines you must follow.
RERA Registered
The project should be registered as per state RERA. Every state has an online portal where people can check whether their building/project is registered with the authorities or not. Buyers will have to enter the building name or unique RERA registration number in the portal.
check carpet area
RERA only recognizes carpet area. A customer needs to check the carpet area of the residential unit before concluding its sale. The carpet area should be exactly as claimed by the builder in the sale agreement. Developers cannot promote exaggerated carpet areas to charge more from the buyers.
under construction projects
If the project is under construction, the buyer needs to check whether the developer has kept 70 per cent of the money received from customers in an escrow account. An escrow account is a separate account in a scheduled commercial bank specifically created for the project. This minimizes the risk of bankruptcy or the builder using the customer’s money for other projects.
In case of defects in the purchased project
If any defect in the project (structural, quality, service provision or any liability relating to the project as per the sale agreement) is brought to the notice of the promoter within five years from the date of possession by the allottee, it shall be the promoter to repair the damage The duty of This should be done in a month without levying any charges on the buyers. If the damage is not repaired, the aggrieved person can get compensation under RERA.
The developer cannot charge more than 10 per cent of the project cost as upfront fee. This reduces the responsibility of the customer to find large sums of money quickly.
RERA guidelines should be kept in mind before buying a flat. The guidelines make the real estate sector more transparent and provide relief to the buyer in case something goes wrong.
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