RERA mandates that all real estate projects (residential and commercial) with more than a certain number of units must be registered with the authority. When you buy a property in a RERA-approved project, you have legal protection against fraudulent practices and delays in possession. If the builder fails to deliver as promised, you can seek legal remedies through RERA.
RERA promotes transparency in the real estate sector by requiring builders to disclose project details, such as project plans, approvals, carpet area, and possession timelines, on the RERA website. This transparency ensures that buyers have access to accurate and reliable information before making a purchase decision.
RERA holds builders accountable for project delays, quality of construction, and adherence to approved plans. If there are any deviations or delays, builders can be penalized, ensuring that they remain committed to delivering the project as promised.
One of the significant advantages of RERA is the provision for compensation for project delays and structural defects. If the builder fails to deliver the property on time or if there are any structural defects within five years of possession, you have the right to seek compensation from the builder.
RERA mandates that builders use high-quality construction materials and adhere to construction norms and standards. This ensures that the property you purchase is built to the specified quality standards, reducing the risk of structural issues and defects.