Benefits of buying RERA Registered Projects

There are many benefits to buying RERA registered projects. Some of the most important benefits include:

• Increased transparency and accountability: RERA requires builders to disclose all relevant information about their projects, such as the project plan, layout, government approvals, land title status, and subcontractors. This information is made available to the public on the RERA website, which helps buyers make informed decisions about their purchase.
• Protection from delays: RERA sets specific timelines for the completion of projects. If a builder fails to meet these deadlines, buyers are entitled to compensation. This helps to protect buyers from the financial and emotional hardship that can be caused by project delays.
• Quality assurance: RERA requires builders to use high-quality materials and construction practices. This helps to ensure that buyers receive a well-built property that will last for many years.
• Strong grievance redressal mechanism: RERA has established a robust grievance redressal mechanism to help buyers resolve any disputes with builders. Buyers can file complaints with the RERA authority in their state, which will investigate the matter and issue orders as appropriate.

In addition to these benefits, buying RERA registered projects also helps to promote a more organized and transparent real estate sector. This benefits both buyers and sellers, and it helps to attract investment into the sector.

Here are some specific examples of how RERA can protect buyers:

• If a builder delays the project beyond the agreed-upon completion date, buyers are entitled to compensation at a rate of 2% per month of the delayed period.
• If a buyer cancels their booking, the builder is required to refund the full amount within 45 days.
• If a buyer discovers defects in the property within five years of taking possession, the builder is required to rectify the defects at no extra cost.
• If a builder defaults on their obligations, buyers can file a complaint with the RERA authority. If the complaint is upheld, the RERA authority can order the builder to rectify the default, pay compensation to the buyer, or even cancel the project.

Overall, buying RERA registered projects is a much safer and more secure option for buyers. RERA provides buyers with a number of important protections, and it helps to ensure that builders are held accountable for their actions.