What are RERA approval projects?

srijeda , 26.07.2023.

The Real Estate (Regulation and Development) Act (RERA) was passed by the Government of India in 2016 with the primary objective of safeguarding the interests of both homebuyers and real estate developers. A pivotal provision of this Act is the mandatory registration of all real estate projects with the Real Estate Regulatory Authority (RERA) before they can be initiated.

Projects with an RERA approval status have been registered with the RERA and received the Authority's approval. The following advantages are available to homeowners in developments with RERA approval:

Transparency: As part of RERA, developers are required to make public all pertinent information about their projects, including the project's layout, floor plans, facilities, and financial information. All prospective homebuyers can see this information on the RERA website.

RERA holds developers responsible for keeping their promises to homebuyers. Homebuyers have the right to file a complaint with the RERA if a developer doesn't follow through on their promises.

Financial security: RERA mandates that builders create a separate account for the money they receive from homebuyers. This account is referred to as the "escrow account." The escrow account guarantees that the money received from homebuyers is utilised exclusively for the project's construction and not for any other use.
Besides the advantages mentioned above, RERA-approved projects also provide a variety of

Rising demand: Homebuyers have a strong preference for projects with RERA approval. This is as a result of homebuyers' increased confidence in making investments in RERA approved developments since they are aware that the law will protect their interests.
Higher resale value: Projects with RERA approval often have a higher resale value than projects without RERA clearance. This is due to the fact that buyers of homes are willing to pay more for the security that comes with choosing an RERA-approved project.

Easy financing: Banks and financial institutions are more willing to finance RERA approval projects than non RERA approval projects. This is because banks and financial institutions know that their investments are protected by the RERA.

If you are considering buying a property in India, it is important to only invest in RERA approval projects. This will help you to protect your interests and ensure that you have a smooth and hassle-free buying experience.

How to check RERA approval projects in Bangalore

You can check RERA approved projects in Bangalore by visiting the website of the Karnataka Real Estate Regulatory Authority (RERA). The website has a list of all RERA approved projects in the state. You can search for projects by project name, promoter name, or district.

You can also check the RERA approval status of a project by entering the project registration number or the project name.

There are several builders who regularly provide RERA approval for their projects in Bangalore.
Check out some well known builders in Bangalore.

Prestige Group.
Shoba Constructions.
Godrej Properties.
Abhee Ventures and many others.

RERA approval is an important step for any real estate project in India. It helps to protect the interests of homebuyers and ensures that the developer has met all the requirements of the Act. If you are considering buying a property in India, it is important to only invest in RERA approval projects.