NRI , OCI investments through RERA project (English)

NRI , OCI investments through RERA project (English)

Full explanation of all features of RERA pertaining to the investment by NRI and OCI card holders and others after knowing about the project online on the RERA website.
Online monitoring of the project by the buyers and investors in RERA projects explained in details with all important tips.
FEATURES OF RERA LAW:
i) Project is to be registered by the promoter or builder on the RERA website.
ii) Entire details of the sanction, building , development, facilities is to be given on the website regarding the project.
iii) Entire details of the builder, developer, land owner is to be given on the website.
iv) It brings transparency in the project as all information can be verified from the site.

HOW TO BUY PROPERTY IN RERA PROJECT:
i) Check the details of the builder on website, take out his balance sheet.
ii) Check the sanction plan and all other permissions of government.
iii) Take all details from the officials mail of the builder.
iv) Take all documentation and verify from the RERA format of the state.
v) Release only 10% of the advance at the first instance.
vi) Release the payments only in the declared escrow account of the builder.
viii) Read and analyze the progress report of the project every quarter by the builder on RERA website.
ix) Report any irregularity to the RERA authorities online or raise a complaint for adjudication.

The RERA law enacted in 2016 and enforceable since 2017 is an important development in the field of regulating the real estate industry of India. It brings transparency and accountability in the real estate sector as earlier it was unregulated and the developers and builders were taking benefits of the same.
The Real Estate (Regulation and Development) Act, 2016 (RERA) is a law enacted by the Indian government to regulate the real estate sector and protect the interests of homebuyers. The law applies to all real estate projects, including those involving Non-Resident Indians (NRIs).

Under RERA, NRIs are entitled to the same rights and protections as resident Indians. They have the right to file complaints against builders and developers, and the law provides for a quick and efficient resolution of disputes. NRIs also have the right to receive all the information related to the project, including details of the land title, approvals, and construction progress.

One of the key provisions of RERA is the mandatory registration of all real estate projects with the regulatory authority. This applies to both residential and commercial projects, and failure to register a project can result in penalties and legal action.

RERA also mandates that builders and developers must deposit a minimum of 70% of the funds collected from buyers in a separate escrow account. This is to ensure that the funds are used only for construction purposes and to prevent builders from diverting funds to other projects.

Overall, RERA has strengthened the legal framework for the real estate sector in India and provided greater protection to homebuyers, including NRIs. If you are an NRI looking to invest in real estate in India, it is important to ensure that the project is registered under RERA and that the builder or developer is complying with all the provisions of the law.

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