Why Should I Buy Only RERA Approved Projects in Pune?

Do you know why the top real estate agents recommend property owners purchase only RERA-approved projects in Pune? Investing in property involves a significant financial commitment. So, homeowners cannot afford to make a wrong decision with regard to the choice of a builder. The last thing you would expect is a delay in delivery, inferior quality of construction, or a discrepancy in price. Purchasing RERA-approved projects secures property owners from any sort of malpractice of the developers.

What is RERA?

The RERA (Real Estate Regulations Act) was passed in 2016 to standardize some regulations in the real estate industry. The objective of this act is to safeguard the interests of the buyers. This has significantly mitigated unfair practices by dishonest developers and builders in the interest of the buyers.

Why is RERA important?

The government has come up with some specific norms that property builders in India must follow. These norms are designed in such a way that potential buyers get a transparent view of the property development. Also, this allows the buyers to obtain the details of all the financial transactions between them and the builders.

If a builder fails to adhere to the norms of the RERA Act, it might lead to a lawsuit. Property buyers reserve the right to lodge a complaint against dishonest developers. The norms of the RERA Act are applicable to both residential and commercial projects.

What are the Benefits of RERA 

To avail of the benefits of RERA, a potential buyer should invest only in the RERA-approved properties in Pune. So, you must check whether the project you are eyeing is actually registered with RERA at the outset. Have a look at the key benefits of RERA.

• The norms compel the developers to charge property prices based on carpet area, and not the super-built area 

• The dealings remain totally transparent, and the developer needs to inform the buyers regarding all their decisions

• Homeowners remain protected from delays in project delivery

• They would receive compensation in case of defects in the building

• The money allocated for a specific project cannot be diverted to another

Some RERA projects 

Some of the RERA-approved projects in Pune include Shapoorji Pallonji Vista, Supreme Villagio, and VTP Aethereus 2. Your real estate agent can also recommend other projects that you can safely invest in. This way, you can remain secure as a property investor.