Firstly, let us understand about RERA and what is means. RERA (Real Estate Regulatory Authority) is a body established by the Government of India to protect the interests of home buyers and promote transparency and accountability in the real estate sector. RERA requires developers to disclose key project details – project status, approvals, legal documents, and progress reports., including project timelines, layout plans, and specifications, empowering home buyers with the information needed to make informed decisions in turn building trust between developers and home buyers.
Here’s an overview of how RERA secures home buyers and promotes real estate:
Consumer protection: RERA provides a framework that safeguards the rights and interests of home buyers. It mandates developers to register their projects with the regulatory authority, ensuring that they adhere to certain standards and guidelines.
Timely project completion: RERA imposes strict regulations on project timelines and delivery schedules. Developers are required to adhere to the declared completion dates and are accountable for any delays, which also ensures that home buyers are protected from unnecessary project delays and promotes timely completion of real estate projects.
Financial discipline: RERA mandates developers to deposit a specific percentage of the project funds into a separate escrow account. This provision ensures that the funds collected from home buyers are used only for the specific project’s construction and prevents diversion of funds to other projects. It safeguards buyers from fraudulent practices.
Dispute resolution mechanism: RERA provides a dedicated mechanism for dispute resolution between the parties – home buyers and developers. It sets up Real Estate Regulatory Authorities at the state level, which act as quasi-judicial bodies to hear and resolve disputes in a time-bound manner. This mechanism ensures that buyers have a platform to address their grievances and seek redressal.
Real estate agent regulation: RERA also regulates real estate agents or brokers and requires them to register with the authority. This regulation ensures that agents operate professionally, adhere to a code of conduct, and provide accurate information to buyers. It enhances transparency in real estate transactions and protects buyers from fraudulent agents.
Why did we, Vishuddh Projects take a decision to get our projects approved by RERA and how is the latter promoting our project?
We at Vishuddh Projects, always believe in building trust with the customers as we try bringing a feeling of belongingness by making them a part of our Vishuddh Family. There are several reasons we thought of getting our project approved by RERA, a few of them are as follows:
Enhanced credibility: By registering their project with RERA, Vishuddh Properties demonstrates their commitment to transparency and accountability. This decision enhances their credibility in the eyes of potential home buyers, as RERA registration signifies adherence to regulatory standards and compliance with the rules and regulations set forth by the authority.
Consumer trust and confidence: RERA registration builds trust and confidence among home buyers. It assures them that the project is being developed by a developer who is willing to operate within a regulated framework. Home buyers are more likely to invest in a project that is approved by a government-backed authority like RERA, as it provides a sense of security and reliability.
Compliance with legal requirements: Registering with RERA ensures that Vishuddh Properties complies with the legal requirements and obligations set by the regulatory authority. This includes disclosing project details, adhering to construction timelines, and maintaining transparency in financial transactions. Compliance with RERA regulations mitigates the risk of legal issues and penalties, providing a smoother development process.
Market advantage and differentiation: RERA registration can give Vishuddh Properties a competitive edge in the market. Projects approved by RERA often receive more attention from home buyers, as they perceive them to be more reliable and trustworthy. This can lead to increased sales and a favourable market position compared to projects that are not RERA registered.
Dispute resolution mechanism: RERA provides a dedicated dispute resolution mechanism that can benefit both developers and home buyers. By approving their project with RERA, Vishuddh Properties gains access to this mechanism, which offers a fair and efficient process for resolving any disputes or grievances that may arise during or after the project development. This helps maintain a positive relationship with home buyers and avoids prolonged legal battles.
Investor confidence: RERA registration can instill confidence in potential investors. Real estate projects approved by RERA are perceived as more secure and reliable investment options. By opting for RERA approval, Vishuddh Properties may attract more institutional investors, high-net-worth individuals, or other stakeholders who prioritize investing in projects that comply with regulatory standards and provide a level of transparency and protection.
Access to a wider customer base: RERA registration can expand the reach of Vishuddh Properties’ project by making it eligible for government schemes and benefits. Some government initiatives, such as affordable housing schemes, may require projects to be RERA registered. By approving their project with RERA, Vishuddh Properties can tap into a larger customer base that is specifically looking for RERA-approved projects, thereby increasing their market potential.
Protection against project delays: RERA registration offers safeguards against project delays by imposing strict timelines and penalties for non-compliance. By aligning with RERA, Canterbury Hillview can assure home buyers that their project will be completed within the specified timeframe, minimizing the risk of significant delays. This can enhance customer satisfaction and build a positive reputation for timely project delivery.
Mitigation of fraudulent practices: RERA aims to curb fraudulent practices in the real estate sector by enforcing stringent regulations. By voluntarily registering their project with RERA, Canterbury Hillview demonstrates their commitment to ethical business practices and safeguards against fraudulent activities. This helps create a transparent and trustworthy image for the project, attracting discerning home buyers who prioritize security and reliability.
Collaboration with reputable stakeholders: RERA registration can foster collaboration with reputable stakeholders, such as financial institutions and construction firms. These stakeholders often prefer to work with RERA-approved projects due to the higher level of transparency and compliance. By aligning with RERA, Canterbury Hillview may gain access to better financing options, reliable contractors, and other industry professionals, strengthening the overall development and execution of the project.
Canterbury Hillview is a RERA approved project now. We are aiming to get RERA approval for Vishuddh Prakruthi by mid-2023.