Can developers sell properties that are not registered under the RERA Act?
Curious about RERA Act
No, developers are not allowed to sell properties that are not registered under the Real Estate (Regulation and Development) Act (RERA). RERA mandates that all real estate projects with more than a certain number of units or a certain land area must be registered with the respective state's RERA authority before they can be marketed or sold to the public.
Under RERA, developers are required to provide detailed information about the project, including project plans, timelines, financials, legal approvals, and other relevant details. This information is submitted during the registration process, and the RERA authority verifies the authenticity and completeness of the provided information.
Once a project is registered, developers can advertise and sell the units to prospective buyers. The registration process ensures transparency and protects the interests of home buyers by ensuring that the project meets the necessary legal and financial requirements.
Selling properties that are not registered under RERA is a violation of the Act and can attract penalties and legal consequences for the developer. Home buyers are advised to check the RERA registration status of a project before making any purchase to ensure that the project complies with the regulatory requirements and provides the necessary protection to buyers.
It's important for home buyers to verify the RERA registration of a project and review the details provided in the RERA registration documents, such as the builder's track record, project specifications, payment schedule, and possession timeline, before entering into any agreements or making payments.