What Is RERA Approved? Key Facts Every Buyer Must Know

In India, understanding what is RERA approved becomes crucial. The real estate sector has been rife with delays and misrepresentations. Enforced in 2016, the act mandated stringent compliance from builders, created much-needed buyer protection, and facilitated project transparency. 

RERA-approved means more than just compliance with real estate regulations; it means enforcing legality and investor protection. This ensures that the project is registered with the state authority, such as Sobha Infinia has obtained statutory approvals, and legally binds the developer to the timelines and specifications declared.

Having a much better understanding of RERA compliance, a buyer can now very easily traverse an otherwise very complicated real estate maze in Bangalore, secure in the knowledge that their investment stands on enforceable regulatory safeguards.

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Understanding What Is RERA Approved: A Brief Overview

The Real Estate (Regulation and Development) Act 2016, more popularly known as RERA, is a regulatory framework established by the Government of India. RERA is set to establish binding contracts between builders and homebuyers to promote transparency, accountability, and timely delivery in the real estate sector.

Some of the crucial salient points of RERA are:

• Mandatory registration of all projects comprising over 500 sq. meters or an aggregate of eight apartments with the state RERA authority. 
• Builders need to open a separate escrow account for construction with a minimum 70% payment against the sale from buyers.
• Pricing should be based on the carpet area and not any fictitious super built-up area.
• All project-related information, floor plans, approvals, timelines, etc, should be made available on the official website of RERA by the developers.
• If the provision of delay is broken, it is for the buyers to claim compensation from builders, and structural defects liability will be for builders for 5 years from possession.

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What is RERA Approved or RERA Registered Mean?

Though used interchangeably, the concepts of “RERA-approved” and “RERA-registered” mean different things:

• RERA-Registered: In legal terms, a project must have a valid RERA number to be recognized under the Act, which means that the project cannot be marketed or sold in the absence of RERA registration.

• RERA-Approved: Though developers usually refer to it as such, it is an informal term. It means that the project has the approval of the local authorities and complies with the rules, but, in the absence of registration of the project, it bears no weight of law.

Thus, if a project is marketed as “RERA-approved,” buyers should check on their own whether it is RERA-registered and has a valid RERA number.

Understanding What Is RERA Approved Number

A particular project ID called RERA number is assigned to each registered project, which must appear on the sales brochure, sale agreement, and advertisements. This number allows the buyer to:

• Track project status (ongoing or completed);

• Verify layout and building plan approvals;

• Get project updates and builder details on the official state RERA portal.

Projects without a valid RERA number represent a grave risk; therefore, buyers are advised to exercise extreme caution.

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Benefits of RERA Registration in Bangalore

There are several advantages of going for RERA approved projects Bangalore. The following are:

• Transparency: Developers publicize a floor plan, timelines, and approvals for the project.

• Timely Delivery: Builders are legally bound to give possession dates, with compensation for the same if delayed.

• Fairness in Pricing: Carpet area pricing that avoids overcharging.

• Security of funds: Construction funds shall be restricted to actual construction use, as per the regulations of Escrow.

• Legal Recourse: The consumers will have to turn to the authority on the RERA in the event of delays, defects, or misrepresentation.

• Easier Financing for Purchasers: Due to the credibility of such projects, banks will be willing to finance them. 

All these make the projects RERA-registered, much safer, and reliable.

Misconceptions in RERA Registration

Builders misuse the term “RERA-approved” for marketing purposes; always check the RERA number yourself.

Under RERA, registration does not mean that all the approvals are in place. Check for building plan sanctions, environmental clearances, NOCs, etc.

Even registered projects need to be tracked for timely completions and promised specifications.

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How to Check RERA Approval in Bangalore?

• Visit the official website of the Karnataka Real Estate Regulatory Authority, that is KRERA.

• Look for Registered Projects.

• Please enter the name of the project as well as the name of the promoter/developer or RERA number.

• Confirm the registration status and approval of the project.

If it can be found anywhere on the KRERA portal, do not go ahead, for that project is not lawfully viable.

Conclusion: What Is RERA Approved?

Nevertheless, projects under RERA, such as Sobha Townpark and other Sobha projects, are RERA-approved. They are required to be registered with RERA with proper registration numbers. For buyers from Bangalore, the most important aspect to consider is RERA registration, since this weighs heavily in deciding on safety concerning their investments and transparency.

Always check the validity of the RERA number, verify the official approvals, and conduct due diligence before booking any property.

Thus, a declared RERA approved project and RERA number means legal protection, timely possession delivery, and financial security for you; therefore, your investment is made secure and trustworthy.

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