Are you looking for investing in ‘Safe’ Real Estate Properties? You want to buy a property but are afraid of the scams going around everywhere when it comes to Real Estate. Well, take a few minutes off your schedule and read this, you will be relieved at the end of this article to know that you can now safely invest your savings without the fear of losing your hard-earned smart money!
You might have heard a term used quite often recently when it comes to talking about Real Estate and Investments, RERA. But do you know what this powerful 4-word term stands for? Read further to know the basics about RERA before parting with your dear money.
RERA stands for Real Estate Regulation and Development Act. This is an act that was enacted by the Parliament of India in 2016 and the main purpose to bring RERA into action was to protect the interests of people in India who want to invest in properties (Residential/Commercial) and to increase the investment in the sector of Real Estate, thereby boosting overall economy of India. The Act came into force on May 1, 2016, and a Real Estate Regulatory Authority is to be set up in each state under this act to regulate the real estate sector. RERA also acts as a body to smoothly solve the issues related to disputes in real estate.
A builder has to register a project under RERA when the minimum size of a unit is more than 500 m2 or there is more than eight resident. Due to the enforcement of RERA, there will no longer be discounts for early booking or pre-launch booking!
Just for your knowledge, all the projects of Noble Group are RERA-approved. So it’s completely safe to book your property in the projects developed by Noble Group if you are planning to invest.
This is to give you an idea about the basics of RERA. If you have any doubts, feel free to use the comment box and we will turn around with answer real soon!
We will keep sharing more details on the same soon. Stay tuned for updates on RERA.