The Real Estate (Regulation & Development) Act governs registrations such as RERA Registration. Real Estate Regulatory Authority, or RERA, was created to regulate the issues that exist in the real estate industry. It is necessary to obtain the RERA registration before engaging in any advertising, marketing, publishing, selling, offering for sale, or inviting people to invest in a plot, apartment, or building. It is done to go along with the dependability listed below, which are as follows:-
- Transparency and Accountability are ensured (By minimising the chance of fraud).
- benefits the promoter and buyer while maintaining their interests.
The following are the responsibilities of the authorities overseeing the state-level implementation of the RERA Act:
- Registration of commercial properties and residential apartments under RERA, as well as any necessary approvals.
- regulating real estate transactions for the selling and purchase of properties
What Advantages Come with an RERA Registration?
- Quickly Taking Ownership of the Property
RERA was established to offer accountability and transparency to the buyer. The promoter can provide the anticipated project completion date and other pertinent information by using the RERA registration. However, the promoter will face severe fines in the event of failure.
- Greater Compliance Decreases Fraud
The promoter and the agent are required to follow a number of compliances as part of the RERA Registration, which helps to cut down on fraud.
- Enhances reliability
Promoters and agents benefit from RERA registration since it increases their credibility. The primary cause of this is that buyers prefer to work with builders who are registered with RERA.
- License Clearance After Assurance
Prior to selling a unit, you must have the necessary licences in accordance with RERA Registration. As a result, buyers can no longer be drawn to false schemes.
- Handling of Complaints
Under RERA, all complaints or issues brought up by customers are immediately addressed.
Projects and Activities Should Be Properly Disclosed With the aid of RERA Registration, all compliances are carried out in a way that aids buyers in receiving accurate project disclosure, including disclosure of projects and