Navigating the Real Estate Market: 5 Pitfalls Homebuyers Must Avoid
Discover the top five mistakes homebuyers often make in India's real estate market and how to avoid them. Insights from experts like Sanjay Mandava and Maneesha Kongovi highlight the importance of due diligence and understanding RERA regulations.
Real EstateReraHomebuyersProperty MarketDeveloper MalpracticesReal Estate NewsMay 17, 2025
Frequently Asked Questions
What is RERA and how does it protect homebuyers?
RERA, or the Real Estate (Regulation and Development) Act, is a regulatory framework that provides significant protection for property purchasers' rights. It aims to address issues such as project delays and developer malpractices by establishing a strong framework to resolve grievances and direct developers to compensate for delays or mismanagement.
What are the limitations of RERA's protection?
RERA's protections primarily apply to projects underway or commenced after its enforcement. Pre-RERA projects have limited options for redress, and properties under 500 square metres or containing fewer than 8 units may not fall under RERA's jurisdiction, pushing buyers to seek redress in consumer or civil courts.
Why should homebuyers avoid one-sided agreements with developers?
One-sided agreements often favor developers and can preclude future claims if not carefully reviewed. Homebuyers should be wary of such clauses to ensure their legal rights are protected.
What are the risks of cash transactions in property purchases?
Cash transactions, often used to sidestep stamp duty, can compromise the buyer's legal position if refunds become necessary. Such transactions can undermine a buyer's standing under RERA, making it difficult to seek compensation.
Why is timely action important for filing complaints under RERA?
Delay in filing complaints can lead to case dismissal due to a lack of statutory limitation periods. Timely action is crucial to ensure that grievances are addressed promptly and effectively.
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