Reasons Why You Must Check RERA Website While Purchasing a Property

You must verify all the details of the property before investing to ensure that you are making the right decision. You can visit the official RERA website for verification of all these necessary details. Besides, it exhibits a list of all the RERA-approved properties in your location, providing you with several alternative options to choose from. 

Read on to learn everything about the RERA portal and the benefits you can leverage from it.

What is RERA?

The real Estate Regulatory Authority (RERA) is an institutional body established under the Real Estate (Regulation and Development) Act, 2016. It oversees real estate operations and addresses property buyers’ issues. The functions of RERA are as follows:

• It safeguards the benefits of allottees.
• The authority enhances transparency within the real estate sector and reduces the chances of fraud.
• It helps home buyers in verifying the information of the sellers.
• It compels builders and promoters to be more responsible.
• Due to the strict provisions of RERA, it boosts investors’ confidence in the real estate sector.

What is RERA Approval of Properties?

According to the RERA Act, any house construction project with an area over 500 square metres or over 8 apartments is to be registered at any stage of development. After approval, details of the property will become available for public access on the respective RERA website of different states.

Why Do You Need to Visit the RERA Portal while Buying a Property?

While purchasing a property, you need to ensure that it is RERA approved because it contains the correct details of a property, as mentioned below:

List of Available Properties in an Area

By visiting the official RERA website of your state, you can get a list of properties, including homes and flats in a particular area. So, if you have a particular location in your mind  where you would like to buy a property, you can visit the portal. You simply need to log in to the portal and filter properties by location. After this, you will get details of the RERA-registered properties available in that location.

In some states like Karnataka, you can view and download the list of properties in a location sorted according to their RERA approval status from the RERA websites. 

Details about a Project

Before buying a property, you may need to know important details about it to make an informed decision. The official RERA website is the right place that will fetch you authentic details as stated below:

1. Project Related Detailed Information: Name, status, type, land area, cost of the land, address, and location of the project.
2. Development Details of the Project: This section contains information about the concerned development body for road, sewage, waste management system, electrical supply, water facility, etc.
3. Bank Account Details Involved in the Project: From this section, you will find information like bank name, branch name, IFSC code and address. 
4. Information about the Architect, Engineers and Contractors: It contains information including the name, address, and registration number of the architect, engineer and project contractor.

Also Read: Loan Settlement and Its Impact  on Your Credit Score

Documents of a Concerned Project

From the property details section available on the official RERA website, you can also download several documents, including

1. Project Commencement Certificate
2. Sale Deed
3. Approved plan of building, plotting and layout
4. Title Deed
5. Conveyance Deed
6. Encumbrance Certificate
7. Certificate issued by the respective engineers stating that the building structure is safe
8. Project photos

Contribution of RERA in the Real Estate Sector

Here are some of the advantages you can get from the RERA records:

• Get Authentic Details of the Property

All the necessary details about a real estate project are available to the public. If you are a property buyer, you can access the RERA records to cross-examine the information provided by your seller. This way, it increases transparency in the real estate sector to a large extent.

• Strengthened Post-Construction Liability of Promoters

Promoters of a construction project remain liable for damages and defects for up to 5 years. They become responsible for repairing the damages caused to the property within this period. This way, the RERA provisions add a layer of security to the newly built property.

• Provisions of Penalty for Promoters

The Real Estate Appellate Tribunal can levy a penalty on promoters if they fail to deliver a property to respective buyers on or before the stipulated time. They may have to pay a fine of up to Rs. 10,000 per day in addition to imprisonment of 3 to 10 years. In this circumstance, the monetary fine can go up to 5% of the total cost of the project. 

• Periodic Updates about the Progress of a Project

Promoters are also responsible for updating the real-time status of a project’s progress after a certain period. Following are some of the details a buyer will be able to track according to the percentage of the work completion:

• Basement and plinth level
• Excavation
• Level of the ground floor
• Placement of slabs on the superstructure
• Internal wall/plaster, flooring
• Sanitary fittings
• Civil engineering areas (lifts, staircase, corridor, lobby, etc.)
• Installation works (utility system, electrical systems, roads, paving, boundary walls, etc.)
• External works

This way, property buyers can track how far the promoters have been able to complete the construction and whether they can construct that property on time.

Separate Account for Project

In accordance with the RERA laws, promoters must have a separate account for a specific project for all receivable funds. They also need to ensure that they get 70% of all receivables into that account. They are also entitled to withdraw money only to pay the expenses of purchasing land or constructing the building. Owing to this separate account, they can effectively track their expenses.

State-Wise RERA Websites

There is no single and centralised RERA portal. Every state government has its own official RERA website, as listed below:

Final Word

The official RERA website of your state can be one of your primary and authentic sources of information about a property. This way, you can stay properly informed and can avoid being duped by the false information provided by the sellers. You can also track the updated status of ongoing construction projects from this website and make informed investment decisions. 

Frequently Asked Questions