The Real Estate Regulation and Development Act (RERA), 2016, has played an instrumental role in securing the rights and interests of homebuyers across India. Additionally, it has brought in a greater level of transparency and efficiency into the country’s realty market, thereby ensuring quality construction, prompt grievance redressal, timely completion of projects, transparent processes, and much more.
If you are looking to buy a new home, one of the first things that you should do is to make sure that the project is registered under RERA. The realty market of every state in India is governed by its own state-specific variant of RERA, and the Act demands that every project must be registered under it before the builder can advertise or launch it. If you’re looking at new projects in Gurgaon, the HRERA registration number attached to the project will indicate its compliance with the NCR-specific HRERA.
Once you have ensured that the project is HRERA registered, you can rest assured about the following things:
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Quality construction:
Builders are mandated to register all their projects under RERA, which consequently requires them to meet the prescribed standards for construction. The mandate is to be transparent about the entire process—from construction materials used to the technology employed. HRERA has also imposed a defect liability period of five years on builders across the country, thereby assuring home buyers of quality construction.
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Timely completion:
The timely completion of construction projects has been greatly emphasized by HRERA. Builders are required to state the possession date of the project, and in the event that they fail to meet the target of completion, they are required to adequately compensate the allottees for the delay.
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Prompt grievance redressal:
Once you have ensured that the project is HRERA-registered, you can count on prompt grievance redressal, any time and every time a concern arises.
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Trustworthy developers:
The HRERA registration number of every project is to be made available publicly. This ensures that the non-compliant developers are ousted from the market, and only the trustworthy ones remain. In the case of minor addition/alteration to the property, builders are required to inform the homebuyer. For larger additions or alterations, and or to transfer the majority rights of a project to a third party, the builder must have the consent of at least two-thirds of the allottees/investors. Formation of Residents’ Welfare Association (RWA) is also mandated by the Act.
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Fair advertising:
With HRERA, you are sold exactly what you are told. A project cannot be announced, advertised or launched by a builder, until and unless it has been registered under HRERA. Additionally, the project plan, details of layout, land title status, government approvals, and sub-contractors, must be shared with the allottees. The term carpet area has also been clearly and strictly defined by HRERA, and builders are allowed to cite only that figure when advertising/launching/selling a project.
Mahindra Lifespaces has always ensured that each and every home built by them adhere to HRERA standards. One such project is Luminare in Gurgaon, on the Golf Course Extension Road. If you are looking for a new home in Gurgaon, you really should explore luxury penthouses and ready-to-move-in apartments at Luminare by Mahindra Lifespaces, the HRERA registered the residential project that satisfies your search.
Also Read: How Much Are You Aware About RERA?
