Frequently Asked Questions

To know if a project is RERA registered, you can follow these steps:

  1. Visit the official RERA website of your state. You can find the link to the website by searching for “[state name] RERA” on Google.
  2. Go to the “Registration” tab and click on “Registered Projects.”
  3. Enter the name or RERA registration number of the project in the search bar and click on “Search.”
  4. If the project is registered with RERA, its details will be displayed, including the promoter’s name, project type, location, and proposed completion date.

The carpet area is the net usable floor area of a property, excluding the thickness of walls. It includes rooms, kitchen, bathrooms, and other enclosed areas. The carpet area provides the most accurate estimate of the space available for living or working purposes.

Balcony or veranda area is not included in the carpet area. It is considered as common area and is charged separately.

The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation that has strengthened the rights of consumers in the real estate sector. RERA provides homebuyers with a number of rights, including:

  • Right to information: RERA mandates that developers disclose all relevant information about a project before they start selling units. This includes information such as the project plan, layout, approvals, and construction schedule. Buyers also have the right to inspect the project site and get copies of all relevant documents.
  • Right to timely delivery: RERA sets a deadline for the completion of real estate projects. If the developer fails to meet the deadline, buyers are entitled to compensation.
  • Right to quality construction: RERA requires developers to construct projects in accordance with the approved plans and specifications. Buyers have the right to complain to the RERA authority if they find any defects in the construction of their unit.
  • Right to rectification of defects: If a buyer finds any defects in their unit after possession, they have the right to demand that the developer rectify them within a reasonable period of time. If the developer fails to do so, the buyer can approach the RERA authority for relief.
  • Right to refund: If the developer fails to deliver the project within the agreed-upon time frame, or if they abandon the project altogether, buyers are entitled to a full refund of the amount they have paid, along with interest.

The Buyer-Seller agreement under RERA should include the following clauses:

  • Project details: This includes the name of the project, the RERA registration number, the address, the type of project, and the proposed completion date.
  • Property details: This includes the unit number, the area of the unit, the type of unit, the floor plan, and the specifications.
  • Payment schedule: This includes the amount to be paid, the mode of payment, and the due dates.
  • Possession date: This is the date on which the seller is obligated to hand over possession of the unit to the buyer.
  • Default clause: This clause specifies the consequences of default by either party.
  • Dispute resolution clause: This clause specifies the process for resolving any disputes that may arise between the parties.

RERA has influenced the sales process in real estate in a number of ways.

  • Increased transparency: RERA requires developers to disclose all relevant information about a project before they start selling units. This has made the sales process more transparent and has given buyers more information to make informed decisions.
  • Reduced delays: RERA sets a deadline for the completion of real estate projects. This has helped to reduce delays in the delivery of units.
  • Improved quality: RERA requires developers to construct projects in accordance with the approved plans and specifications. This has led to an improvement in the quality of construction.
  • Reduced fraud: RERA has made it more difficult for developers to commit fraud. Buyers now have a forum to redress their grievances and to get compensation if they are cheated by a developer.

As a result of RERA, the sales process in real estate has become more buyer-friendly. Buyers are now more informed and have more rights. This has led to a decline in the number of disputes between buyers and developers.

RERA prohibits developers from marketing or selling units in a project until the project is registered with RERA and the developer has obtained all necessary approvals from the relevant authorities.

This is to protect homebuyers from fraud and to ensure that they are investing in projects that are likely to be completed on time and to the agreed-upon standards.

Any developer who sells units in a project before it is registered with RERA is violating the law and may be liable to face penalties.

Yes, RERA allows channel partners or brokers to deal in the sales process. However, brokers must be registered with RERA in order to do so.

RERA has a number of provisions that regulate the activities of real estate brokers. These provisions include:

  • Brokers must disclose their commission to buyers and sellers in writing before entering into any agreement.
  • Brokers must not mislead buyers or sellers about the project or the property.
  • Brokers must not coerce buyers or sellers into entering into any agreement.
  • Brokers must keep all funds received from buyers and sellers in a separate escrow account.
  • Brokers must settle all payments due to buyers and sellers within a reasonable period of time.

Buyers and sellers should only deal with registered real estate brokers. This will ensure that they are protected by RERA in case of any disputes.

RERA helps consumers in case of delays in a number of ways:

  • Sets deadlines for project completion: RERA requires developers to set deadlines for the completion of their projects. If the developer fails to meet the deadline, they are liable to pay compensation to buyers.
  • Provides for interest on delayed payments: If a developer delays in making payments to buyers, they are liable to pay interest on the delayed payments.
  • Allows buyers to terminate the agreement: If a developer fails to meet their obligations under the agreement, buyers have the right to terminate the agreement and demand a full refund.
  • Provides for a forum to redress grievances: Buyers can approach the RERA authority if they have any grievances against the developer. The RERA authority will investigate the grievance and pass an order in favor of the buyer, if necessary.

If the product is different from what was committed to the buyer, RERA provides the following ways for the buyer to get justice:

  1. Demand rectification of defects: The buyer can demand that the developer rectify the defects in the product to bring it in line with the representations made to the buyer. If the developer fails to do so, the buyer can approach the RERA authority for relief.
  2. Claim compensation for the difference in value: If the defects in the product cannot be rectified, the buyer can claim compensation from the developer for the difference in value between the product as delivered and the product as committed.
  3. Terminate the agreement and demand a refund: If the defects in the product are so serious that they make the product unfit for use, the buyer can terminate the agreement and demand a full refund from the developer.

Yes, there is some relief on refunds and penalties for builders under RERA.

Refunds

RERA requires builders to refund buyers the full amount they have paid, along with interest, if they fail to deliver the project on time or if they abandon the project altogether. However, there are some exceptions to this rule.

For example, a builder may not be required to refund the buyer if the delay in delivery is due to a force majeure event, such as a natural disaster or war. Additionally, a builder may not be required to refund the buyer if the delay is due to a change in the law or government regulations.

Penalties

RERA also imposes penalties on builders for failing to comply with their obligations under the law. These penalties can include fines, imprisonment, and the cancellation of the builder’s registration. However, there are some provisions under RERA that allow builders to seek relief from penalties.

For example, a builder may be able to avoid a penalty if they can show that the failure to comply with their obligations was due to a force majeure event or a change in the law or government regulations. Additionally, a builder may be able to get a penalty waived or reduced if they can show that they have taken steps to rectify the situation and that they are committed to completing the project.

How to get relief

If you are a builder who believes that you are entitled to relief from a refund or penalty, you can file an application with the RERA authority. The RERA authority will consider your application and issue an order based on the facts of the case.

It is important to note that the RERA authority has a very strict view of builders who fail to comply with their obligations under the law. Therefore, it is important for builders to seek legal advice before filing an application for relief.

Yes, there are some relaxations in the registration of projects under RERA. The RERA authority can grant a relaxation in registration if it is satisfied that the developer has a genuine reason for seeking the relaxation and that the relaxation will not harm the interests of buyers.

Some of the grounds on which a developer may seek a relaxation in registration include:

  • The project is in the early stages of planning and the developer has not yet obtained all the necessary approvals.
  • The project is complex and requires more time to plan and execute.
  • The developer is facing financial difficulties.
  • The developer is unable to meet the registration requirements due to a force majeure event.

The best investment for NRIs in India depends on their individual circumstances and risk tolerance. Some popular investment options for NRIs include:

  • Real estate: Real estate can be a good investment for NRIs who are looking for long-term capital appreciation. However, it is important to do your research and invest in properties that are in good locations and have good potential for rental income.
  • Fixed deposits (FDs): FDs are a safe and secure investment option that offer guaranteed returns. They are also relatively liquid, which means that NRIs can easily access their money if they need it.
  • Mutual funds: Mutual funds offer a wider range of investment options than FDs, and they can potentially generate higher returns. However, they are also more risky. NRIs should invest in mutual funds that are aligned with their investment goals and risk tolerance.
  • Equity markets: Equity markets can offer the highest potential returns, but they are also the riskiest investment option. NRIs who are comfortable with risk and have a long-term investment horizon may consider investing in the Indian stock market.

Before NRIs finalize a property purchase in India, they need to check the following documents:

  • Title deed: This document establishes the ownership of the property. It should be in the name of the seller and should be free from any encumbrances, such as liens or mortgages.
  • Encumbrance certificate: This document confirms that the property is free from any encumbrances.
  • Building plan: This document shows the approved plan for the property. It is important to check that the property has been constructed in accordance with the approved plan.
  • Occupation certificate: This document confirms that the property is ready for occupation. It is important to check that the property has been constructed in accordance with the building by-laws.
  • No Objection Certificate (NOC) from the society: If the property is located in a cooperative housing society, the buyer needs to obtain an NOC from the society. This document confirms that the seller has no outstanding dues to the society.

The location of a property has a significant impact on its return on investment (ROI). Properties in desirable locations tend to appreciate in value faster than properties in less desirable locations. They are also more likely to attract tenants and command higher rents.

Here are some of the factors that make a location desirable for property investment:

  • Accessibility: Properties that are located close to public transportation, major roads, and other amenities are more desirable to tenants and buyers.
  • Neighborhood: Properties that are located in safe and desirable neighborhoods are more likely to hold their value and appreciate over time.
  • Job market: Properties that are located near job centers are more attractive to tenants.
  • Schools: Properties that are located near good schools are more attractive to families with children.
  • Economic growth: Properties that are located in areas that are experiencing economic growth are more likely to appreciate in value.

The rules for NRIs to invest in property in India are governed by the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI).

Here are the key things that NRIs need to know:

  • NRIs are allowed to invest in all types of property in India, except for agricultural land, plantation land, and farmhouse land.
  • NRIs can invest in property in India through a Non-Resident Ordinary (NRO) account or a Non-Resident External (NRE) account.
  • NRIs need to obtain Foreign Currency Exchange Control (FCEC) approval from the RBI to purchase property in India. This approval is usually granted automatically, but there are some cases where it may be denied, such as if the NRI is a citizen of a country that is hostile to India.
  • NRIs need to pay a stamp duty and registration fee when purchasing property in India. The stamp duty and registration fee vary from state to state.
  • NRIs need to pay taxes on the rental income from their property in India. The tax rate depends on the NRI’s residential status and the amount of rental income.

The GST rate for NRIs to invest in real estate in India is 5% on the total value of the property. This rate applies to both the purchase and sale of property.

However, there are a few exemptions to the 5% GST rate:

  • If the NRI is purchasing a property for residential purposes and the value of the property is less than INR 45 lakhs, then no GST is payable.
  • If the NRI is purchasing a property from a developer who is registered under RERA, then the GST rate is 1% instead of 5%.

It is important to note that NRIs are required to obtain a PAN card and open an NRO account in order to invest in real estate in India.

The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation that aims to protect the rights of homebuyers, including NRI customers.

Here are some of the key RERA rights for NRI customers:

  • Right to information: RERA requires developers to disclose all relevant information about a project, such as the project plan, layout, approvals, and construction schedule. Buyers also have the right to inspect the project site and get copies of all relevant documents.
  • Right to timely delivery: RERA sets a deadline for the completion of real estate projects. If the developer fails to meet the deadline, buyers are entitled to compensation.
  • Right to quality construction: RERA requires developers to construct projects in accordance with the approved plans and specifications. Buyers have the right to complain to the RERA authority if they find any defects in the construction of their unit.
  • Right to rectification of defects: If a buyer finds any defects in their unit after possession, they have the right to demand that the developer rectify them within a reasonable period of time. If the developer fails to do so, the buyer can approach the RERA authority for relief.
  • Right to refund: If the developer fails to deliver the project within the agreed-upon time frame, or if they abandon the project altogether, buyers are entitled to a full refund of the amount they have paid, along with interest.

NRIs can apply for a home loan to buy property in India, but there are some additional requirements that they need to meet.

Here are the steps involved in applying for an NRI home loan:

  1. Choose a lender: Not all lenders offer home loans to NRIs, so it is important to do your research and choose a lender that has experience in dealing with NRI borrowers.
  2. Check your eligibility: There are certain eligibility criteria that NRIs need to meet in order to qualify for a home loan. These criteria may vary from lender to lender, but some common requirements include:
    • The NRI must have a valid Indian passport and OCI or PIO card.
    • The NRI must have a stable source of income in their country of residence.
    • The NRI must have a good credit history.
  3. Gather the required documents: The lender will require certain documents from the NRI, such as:
    • A copy of the NRI’s passport and OCI or PIO card.
    • A copy of the NRI’s employment contract or income proof.
    • A copy of the NRI’s bank statements for the past 6 months.
    • A copy of the NRI’s credit report.
    • A copy of the property documents.
  4. Submit the loan application: Once the NRI has gathered all of the required documents, they can submit the loan application to the lender.
  5. Get the loan approved: The lender will review the loan application and the required documents, and if everything is in order, they will approve the loan.
  6. Sign the loan agreement: Once the loan is approved, the NRI will need to sign the loan agreement with the lender.
  7. Disbursement of the loan amount: Once the loan agreement is signed, the lender will disburse the loan amount to the NRI or directly to the seller of the property.

Following are the documents required in the registration process that needs to be collected from the owner’s side:

  • Sale agreement: A sale agreement is a legal document that outlines the terms of the sale, including the sale price, payment terms, and possession date. It is important to have the sale agreement reviewed by a lawyer before signing it.
  • Title deed: The title deed is a legal document that proves ownership of the property. The title deed should be in the name of the seller and should be free from any encumbrances, such as liens or mortgages.
  • Encumbrance certificate: An encumbrance certificate is a document that confirms that the property is free from any encumbrances. An encumbrance can be a lien, mortgage, or any other claim against the property.
  • Building plan: The building plan is a document that shows the approved plan for the property. It is important to check that the property has been constructed in accordance with the approved plan.
  • Occupation certificate: The occupation certificate is a document that confirms that the property is ready for occupation. It is important to check that the property has been constructed in accordance with the building by-laws.
  • No Objection Certificate (NOC) from the society: If the property is located in a cooperative housing society, the buyer needs to obtain an NOC from the society. This document confirms that the seller has no outstanding dues to the society.

The cost of property registration in India varies depending on the state in which the property is located and the value of the property. However, there are some general guidelines that you can follow to estimate the cost of property registration.

Stamp duty

Stamp duty is the largest component of the cost of property registration. Stamp duty rates vary from state to state, but they are typically between 5% and 7% of the value of the property.

Registration fee

The registration fee is a smaller component of the cost of property registration. Registration fees are typically around 1% of the value of the property.

Other expenses

In addition to stamp duty and registration fees, there may be other expenses associated with property registration, such as lawyer’s fees, conveyance fees, and documentation charges.

here are some potential benefits to buying a property in a woman’s name. Here are a few examples:

  • Stamp duty benefits: Some states in India offer stamp duty concessions for women’s homebuyers. For example, in the state of Maharashtra, women’s homebuyers are eligible for a 1% concession on stamp duty.
  • Income tax benefits: Women’s homebuyers can also claim income tax deductions on the interest paid on their home loan. The maximum deduction that can be claimed is ₹2 lakhs per financial year.
  • Loan processing: Women’s homebuyers may find it easier to get a home loan approved. This is because banks and other financial institutions are more likely to approve loans to women borrowers, as they are considered to be less risky.
  • Joint ownership: Women’s homebuyers may also be eligible for joint ownership of property with their spouse. This can be beneficial in case of divorce or separation.
  • Inheritance: If a woman dies without a will, her property will be inherited by her children in equal shares. This means that her daughters will have equal rights to her property as her sons.

It is important to note that the specific benefits of buying a property in a woman’s name will vary depending on the state or city in which the property is located. It is always advisable to consult with a financial advisor or lawyer to get specific advice on the benefits of buying a property in a woman’s name.

The steps involved in the registry process for property in India vary slightly from state to state, but the general process is as follows:

  1. Prepare the necessary documents. This includes the sale agreement, title deed, encumbrance certificate, building plan, occupation certificate, NOC from the society (if applicable), property tax receipts, electricity and water bills, and insurance papers.
  2. Pay the stamp duty and registration fee. The stamp duty rate varies from state to state, but it is typically between 5% and 7% of the value of the property. The registration fee is typically around 1% of the value of the property.
  3. Visit the sub-registrar’s office. The sub-registrar is a government official who is responsible for registering property transactions.
  4. Present the necessary documents to the sub-registrar. The sub-registrar will review the documents and ensure that they are in order.
  5. Sign the sale agreement. The buyer and seller will both need to sign the sale agreement in the presence of the sub-registrar.
  6. Pay the stamp duty and registration fee to the sub-registrar.
  7. Receive the registered sale deed. The sub-registrar will register the sale deed and give it to the buyer.

The registration process is typically completed within a few days. However, it is important to note that the process may take longer in some cases, such as if there are any problems with the property documents.

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