Some Lesser Known Facts of RERA

1. Register their project with RERA
2. Upload all project details to RERA’s website (for all to view)

The Act applies to:

1. Residential Projects of at least 500 – plus square meters or 8 apartments – as well as under – construction residential projects.
2. Commercial Projects including shops, offices and commercial buildings

Individual states will have to sanction their own rules, and will have their own regulatory establishments and authorities. Though, up to now, only 13 states have notified their relevant laws to the centre.

The developers will have to register all the information regarding their ongoing projects with their local state regulatory authorities in the next three months. Developers must also provide the ongoing status of the building project on their respective websites regularly. Developer cannot arbitrarily change the project’s layout or building plan after selling it to the customer, unless two – thirds of the buyers of the project agree to the changes.

If you notice any structural deficiency within one year of taking possession of your flat, you are legally entitled to contact your developer (in writing) and demand after – sales service.

If your developer reneges on their after – sales commitment, you can complain to your state RERA for redress – and expect a speedy resolution within 60 days.

Developers will now have to quote their price based on carpet area exactly as defined under the Act, instead of an “unclear” super built – up area (like many of them did earlier). Not like super built – up area, carpet area is the area within the walls of a unit or flat, and it:

1. Includes the area covered by internal partition walls
2. Does not include external walls, areas under service shafts, or common areas like balconies, verandas, terraces, etc.

Now you will know exactly how much area you’ll be paying for – with no room for doubt.

In case of conflicts, home buyers will not have to rush after the civil courts, they can simply their complaints in connection to their property projects to special real estate courts that will be set up in each state. This is aimed at pacing up the current redressal process.

Thus in short, it is a good news for all the keen buyers and investors because now you get an extraordinary opportunity to buy the home of your dream without getting indulged in any fraudulent practices. Things will get transparent and even clearer than before, buyers can know the exact status of their project and rest of the things will be handled by none other than RERA.

If you are looking for a place or property to make your great investment, then HcoRealEstates can be a very beneficial option for you, because here you get umpteen of diversified projects such as Tata Arabella, Central Park 3 Cerise Suites and much more that can fulfil the desire of investment in dream property and enjoy lucrative result out of it. Whenever you buy property trust is the key and Hcorealestates is the one that delivers it throughout. 

So just forget about all your real estate investment woes and invest wherever you want whole heartedly and with full trust of getting the best possible results out of it.