In order to bring a complete transparency in the home buying process, the government has introduced Real Estate Regulation and Development Act (RERA). According to the Act, the real estate builders have to register with the regulatory authority for their current projects within 3 months. After getting the project registered with RERA, the builder has to upload all the details of the project along with the certificate on the website associated to the project.
All such information helps the buyers to make a sound investment decision. Read on to know 4 crucial things that you should know before investing in a residential project post-RERA.
Check if the project is registered under RERA
The first thing you should look for, before paying the booking amount, is to check if the project is registered under RERA. It is mandatory for the builder to do so else the builder can be fined up to 10% of the project cost if it fails to do so.
Check the track record of the builder
The history of the builder is a crucial aspect that you should know about. In order to check if the builder is reputed and reliable, read online reviews by their existing customers and most importantly, check whether the builder fulfills all the RERA and other real estate guidelines.
Make sure that the land is under no dispute
Disputed land can delay the project and therefore, before purchasing a residential property, you should make sure that the land is under no dispute and the builder is having all the rights over the same.
Do not pay for super built-up area
Make sure that the builder is charging you for carpet area and not for super built-up area, this is against RERA law. For this, you should know the difference between super built-up area and carpet area. The carpet area includes the area falling within the four walls of the flat while super built-up area includes the outer area of the house such as the lobby, staircase, etc., in addition to the carpet area.
So if you want to invest in a residential property, make sure you invest only in RERA registered projects be it in Noida, Gurgaon, or any other part of the country since buying a flat is a matter of investing your hard-earned money.