by Sudhir Khatana 
When considering a real estate project in Noida and the NCR region, it’s crucial to ensure that the investment is safe, transparent, and legally sound. This is where the Real Estate (Regulation and Development) Act, 2016 (RERA) plays a pivotal role. Here are key aspects you should consider before opting for a project from a builder, with a focus on RERA regulations:
1. Check RERA Registration
The first and foremost step is to verify if the project is registered under RERA. In Noida and NCR, RERA registration ensures that the project is compliant with the regulatory requirements set forth by the government. You can easily verify this by visiting the Uttar Pradesh RERA website and checking the project’s registration number.
2. Project Details and Promoter Information
RERA mandates that all registered projects provide detailed information about the project, including the timeline for completion, land status, and approvals. This also includes comprehensive details about the promoter, such as past projects and track records. This transparency helps in assessing the credibility and reliability of the builder.
3. Construction Timeline and Delays
One of the common concerns in Noida and NCR real estate is project delays. Under RERA, builders are required to adhere to the declared timeline. If there are delays, the builder is liable to compensate the buyers. Checking the proposed completion date and understanding the builder’s past record regarding timelines is essential.
4. Financial Compliance and Escrow Accounts
RERA regulations require that 70% of the funds collected from buyers be deposited in an escrow account, which is to be used solely for the construction of the project. This ensures that your money is not diverted to other projects, reducing the risk of project stalling due to financial mismanagement.
5. Legal Clearances and Approvals
Before making a purchase decision, verify that the project has obtained all necessary legal clearances and approvals. This includes land titles, environmental clearances, and local authority approvals. A RERA-registered project must have these in place, but it’s always wise to double-check.
6. Quality of Construction
RERA allows buyers to hold builders accountable for structural defects for up to five years from the date of possession. When buying a property in Noida or NCR, ensure that the builder has a reputation for using quality materials and maintaining construction standards.
7. Transparent Agreements
The agreement for sale provided by the builder should be clear and transparent. It should outline the terms of payment, possession date, and any penalty clauses. RERA ensures that these agreements are standardized, but buyers should read and understand the terms carefully.
8. Grievance Redressal
RERA provides a mechanism for resolving disputes between buyers and builders. If you face issues regarding delays, quality, or other concerns, you can file a complaint with the RERA authority. Understanding this process beforehand can give you confidence in your investment.
Investing in real estate, especially in a region as dynamic as Noida and NCR, requires careful consideration and due diligence. By adhering to RERA guidelines, you can ensure that your investment is secure and that your rights as a buyer are protected. Always prioritize projects that are RERA-registered and take the time to verify all details before making a commitment.
Written by Sudhir Khatana, Consultant, CRE-Noida from Studio Khozi
