Articles

ARTICLE 1: What is the significance of RERA?

In tune with globalization and severe business competition globally, India’s archaic laws needed a sea of change. Regarding buying and sale of property, the terms and clauses had to be streamlined so that the interests of both buyers and sellers of land and property are adequately safeguarded.

In addition to other legislations, the Real Estate (Regulation and Development) Act of 2016 was introduced by Government of India to ensure safe, secure and transparent procedure in buying of property. With RERA, from now on all commercial and residential projects with 8 units and more will come under the control of RERA. By this, the interests of the property investors, landlords, owners and tenants are safeguarded.

For all builders and construction companies, July 31, 2017 was announced as the deadline for registration under RERA. After this date, all residential and commercial projects not registered will be deemed as illegal. The RERA portals clearly mentions all the properties registered and not registered.

Construction companies have to furnish details of their projects to RERA that includes number of units & floors, and number of units sold or unsold every three months. The developer is made more accountable with fulfilling everthing mentioned in the sale agreement, and adheres strictly to the timeline of project delivery.

ARTICLE 2: Precautions and check-list before buying an Apartment

By taking few precautions you can have a stress-free and joyful life at your apartment. Ensure that all property documents are checked by a legal expert. Esp check for the title deed, land use, approvals from municipal corporation, occupational certificate, property tax paid, loan release document, bank loan commitment of the builder etc.

  • Always ask for the total cost of ownership, including parking charges, stamp duty, registration charges, new furniture / furnishings
    Know in detail about the final usable area of the apartment(Super built-up area, common areas, etc)
  • Note the maintenance charges, and property tax
  • Check for like-minded people and in the similar age group, cultural and family interests
  • Check the parking lot allotment procedure
  • Enquire about the water supply, electricity supply, availability of domestic help in the area
  • Check for availability of cheaper home loan as made available for women and senior citizens
  • If buying property is part of your investment check the annual returns and rental income, and capital appreciation. Also, check the per sq ft price of apartments in the area