Buying a home is a major milestone, and for first-time buyers, it can be both exciting and overwhelming. If you are planning to purchase a property, careful planning and research are essential to ensure a smooth and successful transaction. Here are some key tips to help you make a valuable decision.
What is the RERA Act?
RERA stands for Real Estate Regulatory Authority, established under the Real Estate Regulation and Development Act, introduced by the Government of India in 2016. The primary objective of this act is to protect the interests of buyers and eliminate malpractices in the real estate industry. The regulations under RERA must be followed by real estate companies across India, whether for residential or commercial projects.
Benefits of RERA Registration
- Protects Buyers
RERA ensures that buyers are safeguarded against false promises from developers. Developers registered with RERA must provide accurate information regarding the project, such as approvals, completion timelines, and project status. This enables buyers to make informed decisions.
- Regulates Developers
RERA mandates that registered developers adhere to specific standards and regulations. This eliminates hidden clauses and ensures transparency between buyers and developers. Developers are held accountable for delivering what they promise.
- Standardised Carpet Area
Before RERA, there was no standard method for calculating carpet area, leading to confusion and inflated pricing. The RERA Act defines carpet area as the net usable floor area within the walls. Buyers now pay only for the actual usable space, preventing developers from charging for external areas.
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Safety and Security
Safety is non-negotiable when selecting a home. While Ernakulam and Kochi are known for being safe residential hubs, it’s essential to evaluate the specific security measures of your chosen project. Look for gated communities with concrete fences, CCTV surveillance, and professional security staff. Ensuring a secure environment is particularly important for families with children or elderly members. Discuss these factors with your real estate agent to prioritize properties offering comprehensive safety measures.
Legal Due Diligence
Legal verification is one of the most critical aspects of property buying. Ensure the project has obtained all necessary approvals and complies with local regulations. Hiring a legal professional to review property documents can save you from potential legal disputes later. Consult experienced Real Estate Agents in Ernakulam or legal experts to assist with paperwork and verify the authenticity of the property. This step guarantees that your investment is legally sound and stress-free.
Final Thoughts
By focusing on location, budgeting wisely, prioritizing safety, and conducting thorough legal due diligence, you can make your first home-buying experience a rewarding one. With the guidance of experienced Property Dealers in Kochi like Networth Prop, you can find the perfect property commission-free, directly from trusted builders, at the best price.
Contact Networth Prop today to find your dream home!