In today’s fast-growing real estate world, the need to build trust and transparency has become more crucial than ever before. This is where RERA comes in. Whether you are looking for affordable residential plots in Delhi NCR or planning to invest in commercial plots, understanding RERA will help you make smarter and safer property decisions.
Let’s understand what RERA is and why having proper knowledge about it is important, especially if you are looking to buy property in a growing market like Delhi NCR, where trusted real estate developers like 3B Realty are helping people to invest wisely through thoughtfully planned projects.
What is RERA?
RERA stands for Real Estate Regulatory Authority, which came under the Real Estate (Regulation and Development) Act, 2016. This act was introduced by the Government of India to ensure transparency, accountability, and fair practices in the real estate sector.
Earlier, the property buyers used to face issues like delays in possession, fraud, hidden project costs and had very limited legal protection. As these were rising day by day, there was a need for an Act that protects the buyers, makes developers held accountable, and legally binds the project timelines. This led to the implementation of RERA across the country.
What are the Key Highlights of the RERA Act, 2016?
- Security
- Transparency
- Fairness
- Quality Assurance
- Authorization
Why RERA Is Important: Benefits You Should Know
The RERA Act was created to protect buyers and bring more trust and discipline into the real estate sector. Whether you’re investing in commercial plots in Gurugram or buying your dream home, RERA compliance offers several benefits:
1. Fair Pricing with Carpet Area Standardisation
Builders now have to follow a fixed formula to calculate the carpet area, so you only pay for what you actually get- no inflated numbers, no hidden costs.
2. Equal Interest on Delays
If either the buyer or the builder delays payments or possession, the same rate of interest applies to both. This ensures a fair system for everyone involved.
3. Protection from False Promises
If what’s delivered is different from what was promised, buyers can ask for a full refund, along with interest. No more being misled by glossy brochures.
4. Right to Full Information
Buyers have the right to know all project details- layout plans, progress status, approvals, and more. No more surprises or guesswork.
5. Quick Complaint Resolution
If there’s a dispute, buyers can file complaints with RERA, and if needed, even approach the Appellate Tribunal for faster justice.
How to Ensure a Property Is RERA Compliant
Want to check if your chosen property is RERA-approved? Here’s a simple checklist:
- Verify Legal Title: Ensure the developer has the legal right to develop the land. If the land is under a third party, the developer must provide authorization documents.
- Check for Encumbrances: Confirm that the land has no legal disputes, mortgages, or joint ownership issues.
- Review Possession Timeline: Under RERA, the developer must commit to a specific possession date. Ensure this is clearly mentioned in your documents.
- Track the Escrow Account: Funds should be deposited in a dedicated RERA-approved account, which restricts misuse of buyer investments.
- Visit the Official RERA Website: Every registered project is listed on the RERA portal. You can verify developer credentials, registration status, and project timelines directly.
At 3B Realty, we make it easier for you by providing RERA registration numbers and full transparency in all our project documents. Whether you’re exploring affordable plots in Delhi NCR or planning to invest in other properties, our team ensures you’re informed at every step.
The implementation of RERA has reshaped the Indian real estate landscape, making it more structured and buyer-friendly. For developers like 3B Realty, it’s an opportunity to lead with integrity, quality, and trust.
If you need commercial property for your work or are searching for residential plots in Delhi NCR for your beautiful abode, always choose a RERA-compliant and trusted developer like 3B Realty, where transparency, reliability, and customer satisfaction come first.
