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Purchasing a Home? Keep RERA in Mind!

by Ashiana / / 3457 views/ Reading Time: 4 minutes

Buying a home is a big decision in anyone’s life. There’s a lot to think about, and one important thing you need to adhere to is RERA, the Real Estate Regulatory Authority. If you plan to buy a home in India, understanding RERA is crucial in making an informed decision.

What is RERA?


RERA stands for the Real Estate Regulatory Authority, a government body established under the Real Estate (Regulation and Development) Act of 2016. Its main goal is to protect homebuyers by ensuring the real estate market is fair, transparent, and accountable.

Whether you’re buying a residential or commercial property, RERA applies to all ongoing and future real estate projects. It requires developers to register their projects with the RERA authority in their state before they can start selling them. This registration process ensures buyers have access to all the important details about the project, making it easier to trust and verify what you’re buying.

Key Functions of RERA 


  • Protecting Homebuyers- RERA protects homebuyers against issues like fraud and project delays. Developers are required to complete projects within the specified time. If they don’t, they must compensate the buyers, providing them security.
  • Ensuring Transparency- RERA ensures that developers disclose all the important details about the project, such as the status of the land, layout plans, and financial information. This information is publicly available on the RERA website, helping you make well-informed decisions.
  • Resolving Grievances- RERA has a proper system for handling complaints and disputes between buyers and developers. If you ever feel cheated or wronged, you can file a complaint with the RERA authority, and they will take steps to resolve the issue.
  • Fair Contract Terms- RERA ensures that the agreements between developers and buyers are fair. Developers cannot include clauses that heavily favor them at your expense. This ensures that both you and the developer are on equal footing.
  • Regulating Real Estate Projects- RERA ensures that developers must register their projects with the RERA before they can market or sell them. This registration process allows developers to share all the information about the project, such as timelines, layout plans, and necessary approvals.

Why is RERA Important?


Before RERA was established, the real estate market in India was treated as faulty due to its lack of regulation. Buyers faced many problems, including project delays, misleading information, and financial losses. RERA was created to solve these issues by providing a clear and transparent framework that benefits buyers and developers.

Over the years, RERA has helped build trust in the real estate market by promoting ethical practices and ensuring homebuyers are treated fairly. Each state in India has its own RERA authority that is responsible for implementing the act within its region, following the guidelines set by the RERA law.

Steps to Check if a Project is RERA-Registered


As a homebuyer, you must check if the project you’re interested in is registered with RERA. 

Here’s how you can verify RERA status of any project:

  1. 1. Visit the RERA website of your state. 
(Refer to this link: https://hareraggm.gov.in/en/list-of-links.php)
  1. 2. Look for the “Registered Projects” section.
  2. 3. Enter details like the developer’s name or the project name.
  3. 4. Review the project’s registration status and other information provided.

If the project is registered with RERA, you can move forward more confidently, knowing it’s regulated. It is wise to reconsider if it needs to be registered, as such projects pose higher risks. Registered builders with RERA are also mandated to showcase RERA Registrations of each project across their websites, social media, and other collaterals. You can directly verify the project RERA from the same.

Purchasing a Home? Keep RERA in Mind!

Ashiana Housing Limited – RERA Certified


Ashiana Housing Limited is one of India’s most prominent real estate developers, and it is known for delivering quality projects within time. Ashiana Housing follows the rules set by RERA (Real Estate Regulatory Authority) to ensure transparency to homebuyers. Before starting sales, the trusted real estate brand registers its projects with RERA, providing all necessary details like project plans, timelines, and approvals. Ashiana Housing Limited also regularly updates the project status on the RERA website so buyers can track progress and follow RERA guidelines thoroughly. Overall, Ashiana Housing complies with RERA to build trust with homebuyers and deliver projects as promised, and it has become the most trusted real estate developer.

As an exclusive practice and to maintain buyers’ trust, Ashiana Housing also sends “Work in Progress—Project Status Updates” at regular intervals to all project buyers. This not only keeps them updated but also helps the brand fulfill its commitment to complete transparency and honesty.
Purchasing a Home? Keep RERA in Mind!
Img: Snips from Work-in-Progress Report for Ashiana Malhar (July 2024)

Conclusion 


RERA safeguards homebuyers in India by ensuring transparency, accountability, and fairness within the real estate market. It mandates developers to register their projects, disclose all necessary information, and adhere to timelines, providing buyers with protection and confidence. Verifying a project’s RERA registration is crucial in making informed decisions and minimizing potential risks, ensuring a secure and smooth home-buying experience.
Tags: real estate, ashiana housing,
Category: Real Estate, Investment,

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Q1. What is RERA, and how does it work?

The Real Estate Regulatory Authority (RERA) Act was launched on May 1, 2017. It aims to protect buyers’ interests in the real estate sector and establish an arbitrating mechanism for speedy dispute redressal.

It was introduced to address the long-standing issues and challenges homebuyers and investors face in the real estate market. RERA aims to bring transparency, accountability, and efficiency to the real estate industry, protecting buyers’ interests and promoting fair practices.

About The Author

Ashiana, Ashiana Housing build homes. Homes surrounded by vast green spaces and fresh breeze. Homes cocooned in secured gated complexes. Homes where futures are forged and there are opportunities to grow. And Homes in environments brimming with healthy activity, trust and respect. At heart, we build communities with care.

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