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Clear Your Queries
A “NON RERA” property is one that has not been registered with the Real Estate Regulatory Authority (RERA). This means it hasn’t undergone the compliance checks and transparency requirements mandated by RERA, which are designed to protect buyers’ interests.
Yes, there are potential risks. Without RERA certification, there’s less regulatory oversight, which could mean higher chances of project delays, unclear or incomplete property details, and a lack of recourse for issues. Buyers should exercise caution and conduct thorough due diligence.
Properties might be “NON RERA” for several reasons, including being under a certain size threshold, exemptions specific to certain projects, or lack of compliance by the developer. It’s essential to ask the developer about the reasons for non-registration.
Some banks and financial institutions may be cautious about lending for “NON RERA” properties due to the lack of regulatory backing. However, some lenders might still offer financing, although potentially with stricter conditions or higher scrutiny.
Transparency is a significant factor for buyers, especially with “NON RERA” properties. Buyers often want to know how the company will provide updates, project details, and maintain open communication regarding any project changes.
Read Up On
HRERA
The Haryana Real Estate Regulatory Authority (HRERA) was established under the Real Estate (Regulation and Development) Act, 2016, to promote transparency, accountability, and efficiency in Haryana’s real estate sector. It aims to protect homebuyers’ interests and regulate real estate activities within the state.
Click on the official Link to Know More: haryanarera.gov.in
