Nothing resonates more with ambitious millennials than house hunting. Security deposits, rental costs, and home loans alone are a headache. On May 1, 2016, the Government of India committed itself to liberating potential buyers who were concerned about finding a decent home.
RERA was established as part of the Regulation and Development Act, 2016. This legislation was passed to address existing challenges in the real estate industry. Its aim was to protect real estate buyers while increasing investment in the sector. It also assists banks by increasing the demand for housing loans.
Both houses of Parliament passed the RERA bill in 2016. It went into operation on May 1, 2016, and ensures that buyers do not suffer when buying a property. RERA accreditation usually includes RERA registration. In order to register a project with authority, every builder must adhere to a few standards. It includes authorization, land titles, and insurance.
What is RERA registration?
RERA registration is the process by which the properties for sale are listed on the RERA domain. RERA registration is a national process, so it varies from region to region. The application can be completed on the official web page where registration is required. Promoters and real estate agents must submit documents, as well as an application for registration, to their provincial regulatory authorities.
>How does RERA benefit consumers?
RERA is especially useful for consumers. Some of its benefits include:
- Property ownership during the process
- Specific project details
- Verified license specification
- Debugging
- Restricted advertising
- Booking fee
RERA helps build faith in the real estate industry, which ensures continued investment. Labdhi Lifestyle can help you right now to choose the right place - Labdhi SeaBreeze, Wadala Offers 1, 2 & 3 BHK flats with each home blessed with amazing views guaranteed for the rest of your life. Located in the central area, it greatly reduces your commute to work. Labdhi SeaBreeze is just a minute away from all the districts / business centers, 15 minutes to BKC, Vashi, Fort and Dadar - making your daily commute to work fun.
