Investing in a property is a significant decision, and RERA (Real Estate Regulatory Authority) ensures transparency and accountability in the real estate sector. However, homebuyers must conduct their own due diligence before investing in a RERA-registered project. Here’s a checklist to help you make an informed decision:

1. Verify the Project’s RERA Registration

• Visit the official state RERA website.
• Search for the project using the registration number provided by the developer.
• Check for details like project status, approvals, and timeline.

2. Verify the Developer’s Credentials

• Ensure the developer is RERA-registered.
• Check their past projects and track record of timely delivery.
• Look for any complaints or legal disputes against the developer.

3. Review the Project Details

• Confirm the exact location and site layout.
• Check the approved building plans and development phase.
• Ensure all necessary government approvals (environmental, municipal, etc.) are in place.

4. Check the Financial Aspects

• Compare the price with similar projects in the area.
• Verify the payment schedule and ensure it aligns with construction milestones.
• Check for hidden charges, taxes, and additional fees.
• Confirm that 70% of buyer payments are deposited in an escrow account (as per RERA guidelines).

5. Verify Legal Documentation

• Title Deed: Ensure the land ownership is clear and legally transferred.
• Encumbrance Certificate: Confirms there are no legal dues on the property.
• Sale Agreement: Check clauses regarding project completion, penalties for delay, and refund policies.
• Occupancy Certificate (OC) and Completion Certificate (CC): These are mandatory before possession.

6. Understand the Project Timeline

• Check the expected completion date on the RERA portal.
• Look for any history of project delays by the developer.
• Ensure there is a penalty clause for delays in the agreement.

7. Assess Amenities and Infrastructure

• Confirm the availability of promised amenities (parking, clubhouse, parks, etc.).
• Check for nearby infrastructure like roads, public transport, schools, hospitals, and markets.
• Ensure water supply, electricity, and sewage systems are in place.

8. Review Customer Reviews & Complaints

• Read online reviews and testimonials about the project and developer.
• Check if any complaints have been filed against the project on the RERA portal.
• Visit the site personally and talk to existing or potential buyers.

9. Understand the Possession and Handover Process

• Ensure the possession date is clearly mentioned in the agreement.
• Check if the developer provides a defect liability period for structural issues.
• Verify the procedure for obtaining possession, key handover, and final payments.

10. Check for Home Loan Approvals

• Ensure reputed banks have approved the project for home loans.
• Compare loan offers from different banks for the best interest rates and terms.
• Understand the loan disbursal process linked to the project’s construction progress.

Conclusion

Even though RERA has strengthened buyer protection, thorough research is essential before making a real estate investment. By following this checklist, homebuyers can minimize risks and ensure a secure, legally compliant purchase.