Realty Queries: New projects need to show RERA registration number
Shveta Jain MD, Real Estate Private Wealth Services, answers queries from our readers on real estate.
Since now RERA is implemented and regulators are already in place, am I assured of timely delivery and covered against misrepresentation? Can I ask a developer to share its RERA registration number?
RERA is created to protect the home purchases made by end users putting in their hard earned money. The main aim of RERA is to ensure that whatever a builder promises, the same is delivered. The developer is obliged to give the purchaser all information on the proposed apartment and if there is anything that the purchaser sees is not been honoured, that can be raised with the regulatory authority for redressal. As a purchaser, you can ask to see a copy of the RERA registration, though every project since May 1, 2017 is required to carry the RERA registration number on any and all marketing and advertising material.
Is it better to opt for a RERA-registered property if am looking to finance it through home loans?
Banks when loaning to individuals are looking for properties that are clean title and have no legal hassles like multiple claimants, track record of the developer, any bad debts, any additional leverages on the property, etc. Having a RERA certification will add to the sheen of a project for its eligibility for home loans. The eligibility criteria for an individual applying for home loans remains the same.
I wish to seel my beautiful flat in Indore, which has modular kitchen, 5-star-style baths, wooden flooring etc. I have spent close to Rs 20 lakhs for the interiors. Can I charge the buyer for the interiors?
Property prices are extremely subjective in the resale market, and as a seller you are free to quote a price over and above the average capital values of the location so that it incorporates your expenses on the interiors. If the individual buyer is willing to pay a premium for the interiors of the apartment, you have a positive deal. However, please note that taste in interiors are usually unique to each buyer.Each prospective buyer may not necessarily be willing to pay the premium for the interiors as he/she may still want to make changes and additions to suit their own tastes and needs.
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