While owning a house is a dream of many, it can turn into a nightmare if someone falls into the trap of dishonest builders. Addressing the grievances of homebuyers and protecting their interest, the government came up with the Real Estate (Regulation and Development) Act, 2016, also known as RERA. It became applicable from 1st May 2016 to make builders accountable to the customers and reduce deception by unscrupulous builders. Let us see how RERA may help you verify your builder and project details.
What is RERA?
RERA is the statute governing the real estate market for making things transparent and preventing exploitation of the customers. It mandates the registration of builders as well as the agents and introduces penal provisions for non-compliance. It aims to protect the interest of homebuyers by setting up timelines and providing compensation reliefs in case of non-fulfilment of obligations by the builders or agents. This promotes accountability, fairness and enhances a sense of trust amongst the customers.
How To Find Out If Your Home Project Is RERA Registered
Following are the requirements of registration of a real estate project under RERA:
- The land area proposed to be developed shall exceed 500 sq. metres or
- The number of apartments proposed to be developed shall exceed 8 units (including all phases)
Therefore, if a builder develops a project that meets any of the above two criteria, shall get the project registered under RERA.
When RERA was implemented, the onus to form Real Estate Regulatory Authority and drafting regulations and rules were on each state and union territory. Therefore, each state and the UT have their own set of rules and regulations to govern their real estate sector and have their separate websites. Anyone who wants to check whether their home project is RERA registered or not can visit their respective state’s RERA website. Just follow the below steps:
- Type your state’s name and RERA on Google or any other search engine.
- The first few links will direct you to your state’s RERA portal. Click on the link directing you to the homepage.
- Look for the search project or builder button or any other similar button on the homepage. In case you are unable to find it, then search for the registration or registered projects option.
- Enter your project’s name and search.
Following the above steps, you can get the entire details of the project along with the builder’s details.
Fulfil Your Dream!
Once you are sure of the project and builder’s authenticity, you can now fulfil your dream. With an affordable home loan, you can start with the formalities for buying your dream house. Home loans are one of the most affordable secured loans, with interest rates starting at just 6.70% per annum. With easy to fulfil eligibility criteria and smooth process, the home loans get sanctioned instantly.
Home Loan EMI Calculator
If you are looking to avail of a home loan shortly but are concerned about the EMI, then you can use your home loan EMI calculator to preplan your budget. You just need to enter the loan amount, home loan interest rate, and tenure to get the exact amount of EMI.
It’s always wiser to check the project’s authenticity and the builder’s reputation before finalizing your dream house. With RERA coming into force, the real estate sector has become more organized, and customers’ trust has increased manifold. Financing your dream house is no big deal with home loans at your disposal. Book your home now!