RERA is an acronym for the Real Estate (Regulation and Development) Act. It was enacted with the intention of safeguarding interest of home buyers and promoting efficiency and transparency within the real estate sector. Therefore, if you intend to own property in Hyderabad, it is very vital that you find out if the project you are eyeing for registration with RERA or not. Now, let us discuss How to check RERA registered projects in Hyderabad.
Table of Contents
What is RERA in real estate?
The Real Estate Regulatory Authority, known as RERA, was established by the Indian government as a regulatory body to improve transparency and accountability in the country’s real estate sector. Its objectives are to protect homebuyers’ interests and promote fair play in the real estate industry. RERA’s regulations and guidelines have required developers, builders, and real estate agents to undertake things like Registration of all projects with the authority, delivering projects on time, and disclosing all project details to homebuyers, among others.
What is RERA approved means?
RERA-approved means a project or property that has met all the requirements to get approval and registration by the Real Estate Regulatory Authority (RERA). When a project receives approval from RERA, it implies that it has satisfied the authority’s stipulations of the law and set regulations. This embraces adherence to guidelines concerning project execution, undertaking, fiscal openness, and timeliness. For this reason, RERA approval assures homeowners that the project they are investing in is reliable, transparent, and conforms to the rules given by the authority.
Verifying RERA registration implies that the project meets the law’s expectations and provides crucial data to potential buyers. Here’s why you need to keep an eye on it:
• Transparency: RERA aims to ensure that developers give correct project information like timelines, amenities, and legal compliances.
• Consumer Protection: The interests of buyers are served when RERA stops fraudulent activities.
• Project Updates: Registered projects frequently inform their customers about their growth rate in order to have them always updated.
How to check RERA registered projects in Hyderabad
Step1: Visit the Official RERA Website:
Go to the official RERA Telangana website: TGRERA.
Step 2: Navigate to Project Details:
On the homepage, click on the “Project Details” option from the top menu.
Step 3: Select “Search Project” from the dropdown.
Search for Projects:
You’ll be directed to a new page where you can search for projects.
Step 4: Choose “Hyderabad” as the city and “Registered” as the status.
Step 5: Hit the search button and Explore the Results:
You’ll see a list of RERA-registered projects in Hyderabad. Click on any project to view detailed information.
What are the penalties for non-compliance with RERA
1. Advertising, Marketing, or Selling Without RERA Registration:
Under Section 3, if a promoter advertises, markets, books, or sells any real estate project without registering it with RERA as required, they can be penalized by the authority. The authority determines the fine, which may be equivalent to ten percent (10%) of the estimated cost of the project.
2. Non-compliance with Orders or Decisions:
Imprisonment for a term that may extend to three years or a fine not exceeding five percent of the estimated cost of the project or both. This offense may be compounded by payment of a fine.
3. Providing False Information or Failing to Apply for Registration:
A promoter is liable to a fine not exceeding ten percent (10%) of the estimated project cost imposed by the authority if they have not furnished accurate details or failed to apply for registration within the time specified under Section 4(1).
4. Other Contraventions:
Any other violation of RERA provisions, rules, or regulations by a promoter can invite a penalty imposed by the authority of five percent (5%) of the estimated project cost.
5. Failure to Comply with Authority’s Orders or Directions:
In case of failure by the promoter to comply or contravene any order or direction issued by the Authority, it may be subject to a financial penalty for each day during which such default continues. The total penalty can reach up to five percent (5%) of the estimated project cost as determined by the authority.
6. Failure to Comply with Appellate Tribunal Orders or Decisions
Any failure on the part of the promoter to comply with or contravene any order or direction made by the Appellate Tribunal shall make such promoter liable to be punished with imprisonment for a term which may extend to three years or with a fine for every day of default which may cumulatively extend to ten percent (10%) of the estimated project cost, or with both.
Frequently asked Questions and Answers About RERA
What is the full form of RERA?
RERA stands for Real Estate Regulatory Authority.
When was RERA Introduced?
RERA was introduced in the year 2016.
Is it safe to buy RERA approved projects?
Yes, buying RERA approved projects is safe as it ensures transparency and accountability.
Why is RERA certificate required?
RERA certificate is required to ensure transparency and minimize the risk of fraud.
Is it safe to buy a flat without RERA?
No, it is not safe to buy a flat without RERA as it lacks regulatory oversight and may lead to disputes or fraud.
Can RERA cancel an agreement?
Yes, RERA can cancel a project’s registration if the promoter violates the Act’s provisions.
What happens if a builder is not registered in RERA?
Without RERA registration, there is a lack of regulatory control, which may result in disputes, delays, or fraud.
Is a RERA approved project safe?
Yes, a RERA approved project is considered safe.
How to validate RERA number?
You can validate a RERA number by visiting the respective state’s RERA website and searching for it.
What is RERA OC and CC?
OC stands for Occupancy Certificate, and CC stands for Completion Certificate, both are important legal documents in real estate.
Thank you for reading our article- How to check RERA registered projects in Hyderabad. A Beginners Guide! If you want more informative and interesting stuff, please visit our website for our newest blog post.
To Know more about RERA Telangana , Please visit this Website
Read our article about Is it Worth Buying an Apartment in Bangalore? A Comprehensive Guide