It’s everyone’s dream to buy a home or to own an office but is also scared of getting into home buying problems. Indian Government in order to ensure the safety and growth of the real estate industry enforced this Real Estate Regulatory Authority (RERA) Act in May 2016. Before knowing what is RERA registered let us tell you that it is the first thing you need to consider before buying any commercial space or project. This enables transparency in the home buying process. This is a step by the government to protect you from being exploited or to exploit anyone in the real estate industry. When a project is RERA registered you can without any fear invest in it. It infuses transparency and speeds up your home buying process. It protects you from unnecessary charges put by the seller ensuring timely home possession.
But you should also understand that RERA only implies the development of the property and not renting the property. You can look upon such projects to invest in. You will find enough RERA registered commercial space projects in the commercial hub of Noida sector-18. According to this Act, the seller is responsible to provide every bit of information. Also read – RERA Registered Commercial Space Projects in Sector 18 Noida
Benefits of RERA Act by Indian Government:
- There is no project delay under RERA.
- It protects the interest of buyers and sellers alike.
- RERA enables transparency and obedience in the buying process between both parties.
- Under RERA sellers are responsible to disclose every detail of the project.
- With RERA you only need to pay on the basis of the carpet area or the area enclosed by walls.