RERA and Significance of RERA in Buying Residential Properties

Investing in a property is among the most crucial decisions in life. The investment requires
considerable time, financial resources, and trust in the developer. Prior to the establishment
of RERA, there was a lack of regulatory oversight in Indian real estate sector. Consequently,
investors often experienced issues with fraudulent activity, delays, and non-compliance with
contracts. Today, RERA acts to prevent any of these problems.

What is RERA?

RERA stands for the Real Estate (Regulation and Development) Act which came into force
in 2016. The Act became operational on 1st May 2017. As a regulatory framework, it aims to
secure interests of homebuyers. Besides, the implementation of RERA introduced changes
into the industry as it is today.

What is RERA approval and its importance?

What is RERA approval? In simple words, RERA approval is mandatory registration required
of all real estate projects. To start marketing and selling units, developers need to register a
project with the State RERA authority.

In order to receive approval, the developer is obliged to provide:

Detailed project layout and design;
Land title documents;
Estimated timeline for the project completion;
Names and roles of all promoters and agents involved.

After obtaining the approval, the real estate project receives a registration number, unique
for each project. It can be checked by prospective buyers on RERA website.

Important RERA guidelines for every homebuyer

To make an informed decision, buyers should know RERA guidelines. These include:

Public disclosure - developers have to provide information about all aspects of their project
publicly. The information concerns layout, amenities, carpet area, etc.

Escrow account rule - funds received from buyers should be transferred to the special
account. The amount of 70% is obligatory.

Carpet area standardization - according to the new definition, buyers are to pay for actual
area, not including any extras.

Delays in delivering possession - developers are obliged to transfer possession timely.
Otherwise, penalties and fines are imposed.

Defect liability period - all the structural defects discovered during the first five years since
delivery of possession shall be repaired free of charge.

Grievance redressal committe - complaints about developers can be filed easily.
Moreover, a complaint is usually solved within a month.

How does RERA compliance benefit you?

RERA compliance signifies that a developer follows all RERA guidelines. Compliance makes
the developer more transparent and reliable.

If the project is RERA-compliant:

Your investment money is stored in escrow account safely.
Details about project are verified by experts and disclosed publicly.
The developer can be held responsible for any breach of contract.

You can monitor the project construction through the RERA website.

Remember to check RERA registration of each project prior to making any bookings.
Investing in an unregistered project is too risky.

Why RERA is homebuyer's best friend

Prior to the introduction of RERA in the field, buyers lacked legal tools to solve conflicts.
Developers were able to change conditions and deadlines easily. Moreover, delays and
breaches of contractual obligations often occurred.

Thanks to RERA, buyers now have legal opportunities to protect their interests. Besides,
developers started acting responsibly and reliably. new residential projects become
trustworthy.

Nowadays, buyers may:
Access detailed information on every project at the RERA website;
Monitor the ongoing construction activities;
Submit complaints against non-compliant developers;
Compensate for any delays in delivery of possession.

Why RERA-Compliant Developer is Essential for Your Investment in Real Estate

Now that you know about RERA approval requirements and how compliance benefits
buyers, take a look at the top RERA-compliant developer of today's Indian real estate
industry.

Trehan IRIS - Leader Among Developers in Delhi NCR

Being a reputable developer of Delhi NCR, Trehan IRIS boasts decades of experience in
construction business. They deliver high-quality projects on time and always comply with
RERA guidelines. As a trusted real estate developer in delhi ncr, they have built a strong
reputation for reliability and excellence.

Trehan IRIS Omara - Premium Project for Exclusive Buyers

Trehan IRIS Omara is one of the most promising luxury residential projects in Gurgaon
today. Being designed for affluent people, the project offers premium facilities and luxurious
apartments.

Key features of Omara project include:

Premium apartments with comfortable space;
High-level amenities for a luxury lifestyle;
Beautiful landscaping and green areas inside.
Excellent connectivity to key places in Delhi NCR.

Why Choose Trehan IRIS as Your Developer?

Among other things, buyers should consider developer's experience when buying a house.
With Trehan IRIS, you have a reliable developer with decades of professional experience
and expertise in delivering new residential projects.

Apart from that, Trehan IRIS guarantees you:

Registration and compliance with all RERA regulations;
Properties located in favorable locations;
Excellence in every aspect of project development;
Transparency and open communication with buyer;
Customer-oriented approach and respect of buyers' interests.

Conclusion

RERA made buyers aware of many aspects of the purchase procedure. At the same time,
choosing the right developer is essential for investing successfully in a new project.

With Trehan IRIS, buyers have a professional developer they can trust fully. If you decide to
buy Trehan IRIS Omara or other property of the company, be sure that all your investments
will be secured.