Things You Must Know About RERA Website
Browsing through the State Real Estate Regulatory Authority's website? You must be looking for the developer id, project id, project configuration, location and such other details. But there are certain details, that you might miss, can in fact, help you make informed decisions. Here are the top details you should be looking for besides the usual:
Report of litigation
Maharashtra RERA has included a column stating the 'Litigation Details' of the concerned project. In case the project has been involved in a litigation or there have been no such records, in both the cases it is clearly mentioned (Refer image). Besides, there is a copy of legality, details of encumbrances, a copy of layout approval, proforma of the allotment letter and agreement for sale, a declaration in Form-B, commencement certificates, building approval plan amongst others.
When is the possession?
Project delays have been a bone of contention for long. With the RERA in the picture did something change? Let us tell you that projects that have already been delayed have been asked to notify a reasonable timeline. The regulatory body had taken everyone within the industry by surprise, therefore, to be fair, developers have been asked to provide a date of completion for their ongoing constructions. Therefore, the original date of completion that was decided when you had made your property purchase may not be honoured now. However, the revised dates must be honoured and any violation would be penalised at an interest rate decided by the state regulatory body. Therefore, your money is safe.
However, the delay in timelines has been a cause of concern for many homebuyers. See image below.
The image above has been procured from the Uttar Pradesh Real Estate Regulatory Authority's website.
Karan and Kirtana Kapoor (names changed to protect identity) had invested in Tower 12A of this project. The completion date as per the sale deed was 2013. While it wasn't too difficult to see the delay, advertisements and hoardings on the buildings suggested that the units would be handed over by September 2017. Unfortunately, the Kapoor's noticed that the developer firm has notified the proposed end date as December 2020. The Kapoor's are busy paying their EMIs and the rental returns they expected clinging in their pocket soon enough still remains a distant dream. Therefore, watch out for any major shift in the delivery of your project.
Are all the towers/floors sanctioned?
In the past, there have been many issues with respect to the sanctions and approvals. Do check for what has been proposed and what has been sanctioned. For example, check the image below:
Investment in unapproved/unauthorised constructions has always been a pain point. In dire cases, authorities may decide to shelve the project altogether. Therefore, before investment seek all pending approvals.
Verify your agent
The role of agents has garnered more importance, especially after RERA. There is so much of information available but to find someone trustworthy who would lead you right is important. With RERA, unstructured agents have been pushed out of the sector. You can ask your agent for his RERA registration ID and verify the same on the state RERA's website. You could see the list of dealings that your agent has successfully closed in the last few years, their office and branch addresses and the people associated with the agent company.
Note: While every minute detail about the project is provided on the website, the price of property is not mentioned. For prices, log on to leading property portals such as proptiger.com.