Real estate investments have always been a great way to generate income and create wealth. And with the recent implementation of RERA, it has become even more important for people to be aware of the various projects that are going on in their vicinity. One of the best ways to search for a particular project is by its RERA number. RERA, or Real Estate Regulatory Authority, is a government body that regulates and promotes the real estate sector in India.
Every registered project must have a unique RERA number, which can be used to search for it on the RERA website. If someone is looking for a particular project, the search begins and ends on the RERA website! This blog post explains how to search for projects on the RERA website.
Let’s get started.
An Overview of the RERA Act
The Real Estate (Regulation and Development) Act 2016 (RERA) was introduced to protect home buyers from fraud and delay. The act makes it mandatory for developers to register their projects with the RERA authority before starting marketing or selling them. Each registered project is given a unique registration number, which potential home buyers can use for RERA project search to get information about a specific property.
Important Information that the RERA Website Provides
The website provides the buyers with important information, such as:
The website has the information of all the registered builders on it. The buyers can search for the builder and then check out their past projects to get an idea of their work. The RERA website has everything, the buyer needs from the contact information to the registration number.
One of the most crucial pieces of information RERA provides is project information. This includes the project’s name, location, builder, type of construction, and more. All the project details are mentioned here so that the buyers can make an informed decision.
Information Related to Building
This includes detailed and proposed building plans, layout plans, location maps, and other such details. One can also learn about the plot size, the number of flats in each block, the carpet area, the possession date, and further details. This helps potential home buyers understand what they are getting into and make an informed decision.
Steps to Search Projects on the RERA Website
Here are the steps that one must follow to search for a project on the RERA website:
- Step 1: Go to the RERA Website and click on “Registration” in the menu bar
- Step 2: Select the drop-down menu and press on “Registered Projects”
- Step 3: Search the project by the RERA number in the search bar
- Step 4: Press Enter and get all the details of the project registered under RERA. View all the information like registration number, date of registration, name of the promoter, promoter’s address, email id, phone number, etc., related to that project. if there are any updates or changes made to the project can also be checked in the “Updates” section on the left side panel.
Benefits of RERA
In the past, if the developer ran into financial difficulties or decided to abscond with the funds, buyers would be left stranded with no home and no refund. RERA has ended this by ensuring that all advance payments made by buyers are kept in a separate escrow account.
Right to Claim Compensation
If the builder fails to give possession of the property on time, the buyer will have the right to claim compensation. This can be done by filing a complaint with RERA.
Right to Information
The buyer has a right to information about the project. RERA allows the buyer to search for project information on their website using the project’s RERA registration number.
Eliminates Risk of Builder’s Insolvency
The RERA registration of a project indicates that the builder is financially stable and has the required permissions to undertake the construction. This eliminates the risk of builders’ becoming insolvent and leaving projects incomplete.
The Bottom Line
The search project on the RERA website is a handy tool for those who want to know more about the real estate projects in their area. This can help make an informed decision about investing in a particular project.
Mumbai is significant in terms of real estate investment. The city has a lot of potential for development and growth.
So, if someone is looking to invest in a particular project in Mumbai, they must search for it on the MAHA RERA website. It would be the best option to invest in Piramal Realty projects. They are high-profile and have the best amenities and reputation in society. To know more about these properties, visit their website.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim/disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.