Here are the key RERA guidelines every property buyer should be aware of:
- Registration of Developers and Projects: Developers are required to register their projects with RERA prior to advertising or selling any properties. It's essential to confirm whether the project is RERA-registered.
- Clear Title of Land: Developers are required to present valid legal land titles to confirm that there are no ongoing legal disputes.
- Completion Date and Delays: Developers are required to set a completion date for the project and may incur penalties if they fail to meet it. Buyers have the right to receive compensation for any delays in possession.
- Defects Liability: Developers must address any structural defects within five years of possession at no additional cost to the buyer.
- Transparency in Carpet Area: The sale agreement must clearly state carpet area, not built-up area, so that the customer gets what he pays for.
- Payment Schedules: Payment schedules should match the pace of construction. Payment cannot be requested in full upfront.
- Sale Agreement Registration: The sale agreement needs to be legally registered and should include details about payment terms, possession dates, and any other relevant conditions.
- No Change in Plans Without Consent: The buyer has to agree to any major changes in the project layout.
- Booking Fees: The advance or booking fee should not be more than 10% of the total property cost prior to signing the sale agreement.
- Registered Real Estate Agents: Ensure that the real estate agent is RERA-registered to avoid fraudulent practices.
These guidelines ensure a more transparent and secure process for property buyers in India. Always check the RERA registration details and read the agreement carefully before committing to a purchase.