Checklist for Homebuyers Before Investing in a RERA Registered Project

- General
- Author: Riya Kapoor
Highlights
Visit the official state RERA website
Search for the project using the registration number provided by the developer.
Check their past projects and track record of timely delivery.
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.
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