RERA Act: 4 Things You Need to Know Before Buying a House

*Image Source Google

The Real Estate (Regulation and Development) Act is an act passed by the parliament of India to provide relief to the home buyers. RERA seeks to bring clarity that will protect the interest of home buyers and safeguard them against unfair practices of real estate. It brings transparency and ensures accountability and timely completion of the project. Here’re the few important things every home buyer should keep in mind post RERA —

1. Under RERA act, all builders with the on-going projects need to apply to the regulatory authority to register themselves. Once they are registered, they should upload the details about their project on the website of RERA. Also, they need to provide updates on construction progress as well as occupation and other certificates are required before the house is handed over to the buyer. Thus, if you are planning to buy a house, then you must ensure that the builder has applied for RERA registration.
2. Buyers should try to focus on projects by renowned developers with good financial status and established track record. It is advisable to go ahead with reputed names in the market who have proven expertise in delivering big projects. Choosing an unprofessional or inexperienced builder can lead to several consequences like facilities not as per the agreement, rejection of loan by the banks due to builder’s bad reputation, etc.
3. Once you have selected your builder, the next step is to check all the approvals and licenses concerning your project.
4. You must also ensure the total cost of the property you are going to buy. If you go through a broker, they may only mention the basic cost, not the other expenses like location charges, parking, club house, etc. Thus, you need to ensure the total cost of the property before buying a house.

So, for those who are looking to buy 2BHK and 3BHK flats or apartments in and around Mumbai, go for Lodha Group as it offers a wide range of commercial and residential properties at affordable prices.