RERA, which stands for the Real Estate Regulatory Authority of India, was established under the RERA Act of 2016. This essential law was introduced to bring transparency, accountability, and efficiency to the real estate sector, protecting investors from dishonest behavior and ensuring timely delivery of projects.
The Significance of the RERA Number
Every real estate project, whether residential or commercial, must obtain a RERA number. This unique identifier is evidence of the project’s compliance with RERA regulations, offering buyers a layer of security and transparency previously absent in the real estate market. A RERA-registered project ensures:
Transparency: All project details, including progress and financials, are publicly accessible.
Timely Delivery: Builders are held accountable for completing projects on schedule.
Structural Integrity: Builders are liable for any structural defects for a specified period after possession.
Understanding PB RERA
In Punjab, all real estate projects must be registered with RERA Punjab (PBRERA). This ensures that both residential and commercial properties meet strict guidelines set forth by the regulatory authority. Prominent builders, such as VCS Promoters and Developers, obey strictly to these regulations, ensuring high-quality developments in Mohali.
RERA Approved vs. RERA Registered
It’s important to distinguish between RERA Approved And RERA Registered:
RERA Approved:
This term, although commonly used, has no legal definition. Builders might use it to recommend following RERA norms during planning and construction.
RERA Registered:
This indicates that the project has been officially registered under the RERA Act and has been assigned a RERA number, ensuring compliance with all legal standards.
Buyers should always verify a project’s RERA registration to ensure its authenticity and safeguard their investments.
Consequences of RERA Rejection
No builder can legally commence a project without RERA registration. Non-compliance with RERA regulations can result in rejection of the project by PBRERA authorities. This rejection usually stems from a lack of transparency, high project risk, or potential delays. Builders can appeal such decisions or rectify issues to meet the required standards.
Safety of Investing in Non-RERA Registered Properties
Investing in properties not registered under RERA is highly risky. Such properties lack the legal safeguards provided by RERA registration, including transparency, financial accountability, and guaranteed timely possession. Always cross-check the RERA registration status before investing to avoid potential future losses.
Benefits of RERA Registration
Projects registered under RERA enjoy several benefits:
1. Timely Delivery:
Regular monitoring by RERA authorities ensures projects are completed on time, protecting buyers’ interests.
2. Transparency:
Complete transparency in project details prevents fraud and ensures buyers are fully informed.
3. Structural Defect Liability:
Builders are responsible for addressing any structural defects discovered post-possession.
4. Escrow Account:
Funds for construction must be deposited in an Escrow account, ensuring proper use of finances and project completion.
5. No Misleading Advertisements:
Builders are prohibited from making false claims, protecting buyers from deceitful practices.
6. Carpet Area Pricing:
Property prices are based on the carpet area, ensuring fair and transparent pricing.
Leading RERA Registered Projects in Mohali
VCS Promoters and Developers stand out as a leading group in Mohali, delivering top-notch RERA-registered projects. Their developments, such as Jyoti Enclave and Commercial Marvel, exemplify the benefits of RERA registration, providing superior residential and commercial spaces with assured quality and compliance.
Conclusion
The introduction of RERA has revolutionized the real estate industry, fostering a more trustworthy and reliable environment for buyers and investors. When considering investment in Mohali, prioritizing RERA-registered properties ensures a secure, transparent, and rewarding real estate experience.
