Avoiding Common Pitfalls in India's Real Estate Market: 5 Tips for Homebuyers

What is RERA and how does it protect homebuyers? A: RERA (Real Estate Regulation and Development Act) is a regulatory framework that provides protection for homebuyers' rights. It ensures transparency, accountability, and timely delivery of projects by developers. RERA can direct developers to compensate for delays or mismanagement. Q: What are some common pitfalls that homebuyers should avoid? A: Some common pitfalls include failing to review buyer agreements carefully, engaging in cash transactions, defaulting on payments, modifying project timelines without legal advice, and delaying complaint filings. Q: Why is due diligence important for homebuyers? A: Due diligence is crucial as it helps homebuyers identify potential issues with the property or developer. It ensures that all legal and financial aspects are properly addressed, reducing the risk of future disputes or financial losses. Q: What should homebuyers do if they encounter delays in their project? A: Homebuyers should promptly file a complaint with RERA if they encounter delays. They should also document all communications with the developer and keep records of payments and agreements. Q: What are the limitations of RERA's protection? A: RERA's protections apply primarily to projects underway or commenced after its enforcement. Pre-RERA projects and properties under 500 square metres or fewer than 8 units may not fall under RERA's jurisdiction, requiring buyers to seek redress in consumer or civil courts.

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