Top Benefits of RERA Approved Projects

Before you buy a residential property in India, you must make sure that is RERA approved. This would see to it that the project adheres to all standards and regulations set by the Real Estate Regulatory Authority (RERA). To understand the necessity of this approval, you must first know what is RERA. 

What Is RERA?

RERA stands for Real Estate Regulatory Authority, which came into existence as per the Real Estate (Regulation and Development) Act, 2016. Its purpose is to protect the home buyers in India while also boosting real estate investments. The RERA Act was effective on and from May 1, 2016.  Back then, only 52 out of 92 sections were notified. All the other provisions were effective on and from May of 2017. RERA helped address many important issues associated with the home buying process and played a pivotal role in restoring confidence in the real estate industry among buyers.  Now that you know what is RERA, you will be in a better position to understand the benefits of investing in projects approved by this body. 

Minimises Risk

Investing in RERA-approved projects would provide peace of mind to homebuyers and investors, as they can be assured that the property complies with discerning regulatory guidelines and legal requirements. This shall help lower the legal risks and uncertainties involved, like unauthorised projects or delayed possession.

Protects The Homebuyers 

A property purchase is a huge investment. RERA approval makes sure that there are proper oversight mechanisms in place to protect your interest. The RERA grievance redressal mechanisms promise improved consumer protection.

Improves Return Potential 

RERA-approved projects usually provide better resale value and rentals as they adhere to strict quality standards and ensure timely possession. Hence, buyers desiring to enjoy high ROI from their property down the line must make sure that it is RERA-approved. 

In addition to homeowners, even developers can benefit from RERA approval. RERA-approved projects can improve the overall market reputation and credibility of the developer. Buyers would be more inclined to invest their money in properties backed by reputed developers with a track record of delivering projects successfully.