Planning to invest in the new property Godrej Aqua?
A luxury residential apartment that redefines the concept of affordable homes in Hosahalli, Bangalore. Though Godrej Aqua is the baby of a reliable and well-known brand, still it is always good to cross- check the registration of the property with the RERA. Perhaps there can be cases where a few builders do not comply with RERA norms because their application might have rejected or some other reason but might give false claim to have complied with rules.
So, how to check the RERA registration of the property you plan to invest in?
As you must know though RERA is articulated by the Center, it is a subject of states. Therefore, First, you have to identify the RERA Portal of your State. Suppose you live in Bangalore, so you have to visit the page of RERA Karnataka. Then you will find a link of Approved Projects clicking on which will take you to another page.
On the new page you will see the number of processed till date and four tabs namely; Application Under Process, Application Under Query, Application Approved and Application Rejected.
Start checking from the 1st tab application under process and move to next. Under the Tab, Application Approved you will find the project details and the certificate. But before checking you have to create the Login Id and Password to download the details. We suggest you download the project details so that it is easy for you to cross check with the details provided by the builders.
Check for the Information like validity Date of RERA certificate, residential apartment specifications, the flats you have selected in the project, everything mentioned in the Builders projects details is matching with the Application Approved report not. Immediately raise an issue if you find any deviation in the duo and if the builder fails to heed you escalate the issue with RERA.
Important Point to Check Before Giving Money.
Important things to check before parking your hard-earned money in any project.
Detail of the Encumbrance: Check for the details of encumbrance or disputes associated with the land like title, Interest, Name of any party over such land etc. Land should be free from all disputes otherwise it would be you who have to face the consequence.
Escrow Account: RERA says that each builder has to maintain a separate account with the scheduled bank. In this account, they have to deposit 70% of the amount realized from the investors of the projects from time to time. The amount is deposited is used to cover the cost of construction and other charges related to the construction of the project. That means the money collected by the developer is used for the completion of the same project. Builders having Escrow Account ensures that they are willing to complete and deliver the project on time.
Legal Title: Your builder should have the legal title of the land on which the construction of the project is proposed. Or else, if the land belongs to some other person, the developer must have legal documents of the land with authentication of the tittle. RERA has removed the old practice, where some person would sell to home buyers without having the legal title of the land.
Lastly, Possession Date: RERA has made it mandatory for the builders to transfer the possession of the property on the date it is mentioned to do so. And, if there are any changes then the developers have to prepare for it immediately. Therefore, check for the time period within which the builder has promised to give the possession.
At the least, do not just blindly rely on the claims given by your builders. Even if you are buying a home in Godrej Aqua by a reputed and trustworthy brand Godrej, cross check the RERA Registration status before you jump into buying.