In our last blog, we have discussed RERA and how it is impacting the real estate world. If you have missed it and want to go through, you can check here. In this post, we will talk about RERA and its relationship with the housing societies.
As we have already seen, RERA is the regulatory body that has been formed to address the disputes arising between the real estate developers/builders and the buyers. So once the buying process is over and the society is formed, RERA really doesn’t have much work left to do with that particular project. Until it’s the time of redevelopment.
Again, as per RERA regulation, while undergoing redevelopment, until and unless the project is attempting any fresh sale, it need not get registered with RERA. However, if the project is planning any provision of increased units after redevelopment that will attract new sales, RERA registration is advised.
Why is it advised to get RERA registration for the redevelopment projects?
Because buyers are likely to rely on the projects that are registered with RERA. Therefore RERA registration increases the sales prospect.
Now why buyers will rely on RERA registered projects?
Because unless a project comes under the purview of RERA Act, any dispute arising between the builder and the buyers will not be addressed by RERA body. This increases insecurity.
Again, it is important to understand when a buyer can raise e complaint with RERA. A dispute to be addressed and solved by RERA body, it has to significantly contravene the RERA provisions. Therefore when contemplating to approach RERA one has to have a clear picture on how that particular dispute is breaching RERA regulation.
To understand what are buyers’ rights as per RERA, stay tight to this space. We will be back next week.
Great post!