Understanding RERA in the Real Estate World

The Indian real estate law has undergone a pivotal shift with the introduction of the Real Estate (Regulation and Development) Act, or RERA. As the best RERA lawyer in Gurgaon and Delhi, VR Associates Law Firm ensures clarity, precision, and an informed stance for potential home buyers, developers, and stakeholders.

With this blog, we will help our readers to know the difference between RERA approved and RERA registered projects.

RERA: Approved vs Registered

A recent revelation by RERA official highlighted the misrepresentation of some projects as 'RERA approved', urging immediate rectification. As the Real Estate Lawyer Delhi, we would like to clear the air on this aspect.

What Does 'RERA Approved' Mean?

Advocate Vipin Raina, a seasoned practitioner with RERA law, elucidated that there is, in essence, no such concept as a 'RERA-approved' project. It's more appropriate to term it as a 'RERA-registered' project. A RERA lawyer Gurgaon might come across developers who ambiguously advertise their projects as having secured RERA's nod, suggesting a seamless pathway. This, however, is a fallacy.

Unfortunately, numerous developers bypass RERA guidelines, putting the onus on top property lawyers in Delhi and Gurgaon to guide their clients accurately.

A Snapshot of RERA-Registered vs Approved Projects

RERA-Registered Projects: Such projects have undergone stringent checks under RERA, emphasizing consumers' protection. It is a testament to a developer's commitment to maintaining proper land titles, ensuring realistic project timelines, and adhering to transparent pricing. A noteworthy aspect here, highlighted by the best RERA lawyer in Delhi, is the mandatory separate bank account for each RERA-registered project, preventing the siphoning off of funds.
Approved' Projects: This term can sometimes tread into ambiguous territories. It generally denotes that the project has received green lights from local municipal bodies, encompassing building plans, land use permissions, and more. However, having the tag of 'approved' doesn’t inherently affirm RERA compliance.
Compliant Projects: A notch above the rest, these projects are a hallmark of excellence and diligence. They adhere to every guideline set by RERA and other governing bodies, spanning from environmental clearances to safety benchmarks.

In Conclusion

Real estate transactions, often the milestones of one's life, must be approached with meticulous attention to detail. At VR Associates Law Firm, our legion of top RERA lawyers in Gurgaon and Delhi ensures that your interests remain safeguarded.