Rera
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Maharashtra
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Checklist for Homebuyers Before Investing in a RERA Registered Project
- General
- Author: Riya Kapoor
Highlights
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Visit the official state RERA website
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Search for the project using the registration number provided by the developer.
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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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