The Real Estate (Regulation and Development) Act, 2016, popularly known as RERA, was introduced with the aim of regulating and promoting transparency in the Indian real estate market. RERA Gurgaon, also known as HRERA (Haryana Real Estate Regulatory Authority) Gurgaon, is the regulatory authority that oversees the real estate sector in Gurgaon. In this article, we will discuss what RERA Gurgaon is, its key features and benefits, and how it has impacted the real estate market in Gurgaon.
What is RERA Gurgaon?
RERA Gurgaon is a regulatory authority that was established in 2017 under the Real Estate (Regulation and Development) Act, 2016. Its primary role is to oversee the real estate sector in Gurgaon and ensure that all real estate projects comply with the norms and regulations set by the government. RERA Gurgaon is responsible for ensuring that real estate developers register their projects with the authority and disclose all project details, including the timeline for completion, land ownership, and other financial details.
Key features of RERA Gurgaon
- Mandatory Registration of Projects: Under the RERA Act, all real estate projects with a land area of more than 500 square meters or eight apartments must register with RERA Gurgaon before launching their projects. This ensures that developers cannot sell their projects without the necessary approvals and permissions.
- Regular progress updates: Once a project is registered with RERA Gurgaon, the developer is required to provide regular updates on the progress of the project. This includes the status of construction, completion timelines, and any changes to the project plan.
- Standardised metrics: RERA Gurgaon has standardised the method of measuring properties, which ensures uniformity in the calculation of property sizes. This makes it easier for buyers to compare different properties and make informed decisions.
Benefits of RERA Gurgaon
- Protection for buyers: RERA Gurgaon provides protection to buyers against fraudulent developers and ensures that they receive possession of their property on time. This has increased the confidence of buyers in the real estate market in Gurgaon.
- Transparency: RERA Gurgaon mandates that developers must disclose every aspect of the project, including its financial details, construction timelines, and other crucial details. This enhances transparency in real estate transactions and removes any ambiguity.
- Standardisation: RERA Gurgaon has created standardised metrics for measurement, which makes it easier for buyers to compare properties and make informed decisions.
Impact of RERA Gurgaon on real estate market
RERA Gurgaon has had a significant impact on the real estate market in Gurgaon. The regulatory authority has streamlined the real estate market and brought in transparency, accountability, and standardisation in the sector. The real estate developers in Gurgaon are now required to comply with the norms and regulations set by RERA Gurgaon. This has resulted in quality construction, timely delivery of projects, and an increase in buyers' confidence in the real estate market.
Moreover, RERA Gurgaon has also helped in resolving disputes between buyers and developers. The regulatory authority has established an adjudicating authority to hear and dispose of complaints from buyers against developers. This has helped in settling disputes efficiently and quickly, avoiding long-drawn legal battles.
RERA Gurgaon, or HRERA Gurgaon, has emerged as a game-changer in the real estate market in Gurgaon. Its implementation has brought in transparency, accountability, and standardization in the sector, providing protection to buyers and enhancing their confidence in the real estate market. RERA Gurgaon's mandate for mandatory registration, regular updates, and an escrow account for projects has ensured quality construction and timely delivery of projects. In conclusion, RERA Gurgaon has played a critical role in creating a regulated and transparent real estate market in Gurgaon.
