Everyone aspires to buy their dream home. However, before investing in real estate projects it is important to check if the property is RERA approved. The real estate market was not regulated well until recently. There were no standard norms and every builder used to have their own practices that usually went in favour of the developer. To safeguard the interests of home buyers and in order to regularise the process and industry, the Indian government has introduced the RERA act. Investing in RERA-approved properties in Bangalore is a wise investment decision.
RERA or the Real Estate Regulations Act was introduced in 2016 in India with the aim of providing relief to home buyers from unscrupulous builders. The Act is meant to safeguard the interests of the buyers and promote transparency, efficiency, and accountability in the real estate sector. If you are thinking of investing in real estate projects, it is best to invest in a RERA-approved project.
RERA mandates that home buyers be given complete information about their property and the builder is legally bound to share all the details of the project including carpet area, layout, completion stages, etc. RERA has standardized the calculation of carpet area unlike earlier when individual builders used to calculate the carpet area themselves. Now the builders now have to clarify the exact carpet area in each project. Popular areas for investment in property in Bangalore are Whitefield, Sarjapur-Road, Devanahalli, Hennur-Road, Hebbal, Bannerghatta Road, and Electronic City. These areas boast an excellent infrastructure and are well-connected to all parts of the city.
Some of the leading RERA-approved projects in Bangalore for investment are Satyam Regents Park, Platinum Experio, Geetanjali Solitaire, Lodha Codename Evergreen, Damji Shamji Shah Tivon Park, UK Luxecity, Jindal Uptown Avenue, Jindal Avenue, La Mer Regency, and Passcode Maha Ghar. Investing in these leading RERA-approved projects can give home buyers good returns on investment. Investing in RERA-approved projects ensures that the property is as per the promised specification. Also, in case of any delay in delivery the developer has to pay a penalty and interest to buyers. In case of any problems or defects in the construction within 5 years of possession, the developer has to make the repairs without any cost to the owner or pay a penalty.
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