Before the enactment of the Real Estate (Regulation and Development) Act (RERA) in 2016, homebuyers often faced project delays and structural discrepancies. Today, RERA stands as a shield for consumers. Learn why checking the RERA number is the most crucial step of your home-buying journey.
What is RERA?
RERA is a government body established to regulate the real estate sector, ensuring transparency, timely delivery, and structural accountability. Every developer must register their projects with RERA before marketing or selling units.
Key Benefits of RERA-Registered Projects:
- Escrow Account Rule: Developers must deposit 70% of project collections into a separate escrow account dedicated solely to construction costs, preventing funds diversion.
- Pay for Carpet Area Only: Builders are prohibited from selling properties based on super built-up area. Quotes must strictly represent the RERA Carpet Area.
- Structural Warranty: The developer is liable for any structural defects or quality issues discovered within 5 years of handing over possession.
- No Delayed Projects: If a developer delays possession, they are legally bound to pay interest on the buyer’s invested amount for every month of delay.
How to Verify a Project:
Simply copy the RERA number (e.g. Soha Gold Crest RERA: P51700088990) and search it on the state's RERA website (e.g., MahaRERA). There, you can review layout plans, approvals, litigation history, and verified construction timelines. At Soha Properties, all projects are fully registered and visible on the MahaRERA portal for complete transparency.