RERA Act: Everything You Should Know

RERA Act was enacted in 2016 with the intention of transparency, curbing fraud, and protecting homebuyers’ interests. Prior to RERA, buyers used to encounter problems such as:

Uncertain timelines for project delays.
Misleading advertisements 
Unfair pricing with hidden costs and no proper regulations.

To solve these problems, the Indian government made RERA registration mandatory for all residential and commercial projects.

What is a RERA Certificate?

A RERA certificate is an official document proving that a project is registered under the respective state’s RERA authority. Every state in India has its own regulatory body to oversee and monitor real estate projects, ensuring that they comply with the rules. 

Essential Features of a RERA-Certified Project

Compulsory Project Registration – Builders need to register projects with RERA prior to advertising or selling.

Transparency of Project Details – Developers need to reveal project schedules, plans, and finances.

Safe Fund Handling – Builders are required to invest 70% of customers’ funds in an escrow account to avoid abuse.

On-Time Project Completion – Developers need to finish projects within the promised schedule or pay a penalty.

Protection from Misleading Advertisements – Any advertisement material should be consistent with the real project information.

Fair Pricing Regulation – The pricing should be clear, and customers should pay only for the carpet area (livable space).

Legal Protection for Buyers – Flat buyers can approach the RERA authority in case a developer defaults on promises.Third-Party Transfer Need Consent – If a developer intends to transfer the project to a new company, they need to take the consent of two-thirds of the allottees and RERA authorities.

Why Choose a RERA-Approved Project?

RERA gives assurance to homebuyers about what they are promised and protects them from fraudulent practices. If you are planning to buy a home, always check if the project is RERA-approved to ensure a secure investment.

One such trusted developer in Pune is Galaxy Ventures. With over 20 years of experience, Galaxy Ventures has changed the city’s skyline with luxurious and legally compliant projects. Every project by Galaxy Ventures is RERA-approved, ensuring complete legal transparency, timely delivery, and quality construction.Looking for a safe and reliable real estate investment? Choose a RERA-registered project by Galaxy Ventures and invest with confidence!