RERA Guidelines for Buying Property in Gurugram: What You Need to Know
RERA Act, 2016 The Real Estate (Regulation and Development) Act, which was made law in 2016 to change the structure of the real estate sector in India has been bringing transparency, accountability, and security to homebuyers. If investing in property in Gurugram is on your agenda, you cannot afford to miss out on RERA guidelines. They will represent your interest and help you in making sure the transaction is smooth. The objective of this blog is to throw light on important RERA guidelines that every homebuyer in Gurugram should be aware of.
What is RERA and why is it important?
The government brought in RERA to regulate real estate and curb builder fraud. In Gurugram, RERA is implemented by the Haryana Real Estate Regulatory Authority (HRERA). It incorporates the fair context of buyers and developers. As per the Act, projects over 500 square meters or with 8 or more units should register with RERA. This is true for residential and commercial projects alike.
Key RERA Guidelines for Homebuyers in Gurugram
i) Mandatory registration of projects
Every builder must register their project with HRERA before launching it. A RERA-registered project comes with verified credentials, protecting homebuyers from delays and fraud.
ii) Transparency in Project Details
Developers must provide full project details, including:
- layout plans,
- approvals,
- construction timelines, and
- financial statements.
Buyers can access these details on the HRERA website to verify project authenticity.
iii) Standardized Sale Agreements
The Act prohibits unfair builder-buyer agreements. We must use a standardized agreement. It will avoid one-sided clauses that favor developers. This will protect buyers’ rights.
iv) Timely project completion and compensation for delays
Under RERA, builders must adhere to committed project completion timelines. In case of delays, developers are liable to pay compensation or a refund with interest to buyers.
v) Financial Security for Buyers
Builders need to put 70% of the project funds in a special account. This stops the misuse of funds and helps ensure that the project finishes on time.
vi) Defect Liability Period
Developers are liable for defects and poor quality for five years after possession. Buyers can claim free repairs for any defects arising during this period.
vii) Penalties for Non-Compliance
Ignoring HRERA rules can lead to severe penalties. These include fines of up to 10% of the project cost and imprisonment for erring builders.
How do you verify a property in Gurugram under RERA?
To check whether a property in Gurugram is RERA-registered, follow these steps:
- Visit the HRERA official website (www.haryanarera.gov.in).
- Search for the developer’s name or project registration number.
- Review project details, completion status, and any complaints against the builder.
Benefits of Buying a RERA-Registered Property
- Protection from fraud and misleading advertisements.
- Transparent pricing with no hidden charges.
- Legal assurance of timely delivery.
- Right to claim compensation for defects or delays.
Conclusion
RERA has made important improvements to Gurugram’s real estate market. It has made property deals more secure and transparent. If you plan to invest in a home, ensure the project is RERA-registered to safeguard your interests. Always verify property details on the HRERA website before making a property. A well-informed buyer is a secure investor!
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