sector has witnessed remarkable growth over recent years. With the introduction of RERA (Real Estate Regulatory Authority), the industry has become more transparent and regulated, benefitting buyers and developers. In this blog, we will discuss why RERA registration is crucial and how it impacts the real estate market. If you’re looking for the best real estate agent in Kochi or reliable builders in Kochi, understanding RERA’s role is essential.
The real estate industry is one of the largest and most profitable sectors in the world. In India, this
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.
- Ensures Timely Completion
One of the biggest concerns for buyers was project delays. RERA addresses this by mandating developers to complete projects within the agreed timeframe. Failure to do so results in penalties, ensuring timely handovers and reducing possession-related issues.
- Encourages Investment
With the protection provided by RERA, more buyers feel confident investing in real estate. This increase in trust boosts demand for properties, benefiting the entire sector.
- Increases Credibility
Developers registered with RERA gain credibility in the market. Buyers are more likely to trust such developers, which translates into better business opportunities for them. For instance, builders in Kochi with RERA registration are more likely to attract potential buyers.
- Reduces Disputes
RERA provides a mechanism for resolving disputes between buyers and developers, significantly reducing legal conflicts. This creates a smoother and more reliable buying experience.
Why RERA Matters for Kochi’s Real Estate Market
Kochi is emerging as one of India’s fastest-growing real estate hubs. Whether searching for the best real estate agent in Kochi or looking to invest in properties developed by reputable builders in Kochi, ensuring that the project is RERA-registered is vital. RERA registration provides the confidence and security needed for making significant investments, especially in premium projects within the city.
RERA registration has transformed India’s real estate industry, ensuring transparency, accountability, and protection for buyers. For anyone planning to invest in real estate, choosing projects by RERA-registered developers is a smart move. If you’re in Kochi, partnering with the best real estate agent in Kochi or trusted builders in Kochi can make your property search more seamless and secure. Take advantage of this regulated market and make informed decisions for your dream property!