Understanding RERA: A Home Buyer's Complete Guide

What is RERA and Why Does It Matter?

The Real Estate (Regulation and Development) Act, 2016 ÔÇö commonly known as RERA ÔÇö is a landmark legislation that transformed the Indian real estate sector. It established state-level regulatory authorities to oversee real estate transactions and protect home buyers' interests.

Key Provisions of RERA

Mandatory Project Registration

All residential projects with more than 8 units or covering more than 500 sq meters of land must be registered with the respective state RERA authority. This ensures transparency and accountability from developers.

Escrow Account

Developers must deposit 70% of all funds collected from buyers into a dedicated escrow account, which can only be used for that specific project's construction. This prevents fund diversion to other projects.

Standardised Carpet Area

RERA standardises the definition of carpet area, ensuring buyers pay only for the actual usable space and not for common areas or walls.

How to Verify RERA Registration

You can verify a project's RERA registration on the respective state's RERA website. For Maharashtra, visit maharera.mahaonline.gov.in. The registration number should be clearly mentioned in all advertisements and brochures.

Your Rights as a Home Buyer Under RERA

• Right to information about the project
• Right to timely possession
• Right to claim compensation for delays
• Right to structural defect remedy for 5 years
• Right to form a Residents Welfare Association

Conclusion

RERA has significantly improved buyer confidence in the real estate sector. When buying a Godrej Properties home, you can be assured that all our projects are fully RERA compliant, with complete transparency in all dealings.