Nambiar District 25 RERA
Nambiar District 25 is awaiting approval from the RERA authorities. The builders applied for a RERA certificate in September 2024. The project is being built on 100 acres of land with commercial centers and IT workplaces. The project master plan, legal documents, and pricing are all included in the documents submitted for RERA approval.
The Real Estate Regulatory Act (RERA) came into existence in 2016 to address fraud and ongoing problems faced in the real estate market. The Act protects buyers and investors from false advertisements and investments in real estate projects. Builders should get approval from the RERA authority to start developing their project and to advertise it for investment and sales. According to the RERA rule, builders will be responsible for any financial fraud caused by the project and should maintain transparency in their transactions. Main features and importance of RERA.
- Regulatory Assurance: RERA certification ensures that the project is under the guidelines issued by the authority and follows the required procedure in the development. It gives investors and buyers assurance that they will invest in an upcoming residential project.
- Timely Completion: RERA mandates that the developers stick to the project completion date. According to project planning and development, the builders should hand over completely developed homes to the investors in a given period of time. If they fail, they should compensate the investors and homeowners.
- Builder Liability: Projects under RERA provide safer living spaces with quality raw materials utilized in the construction. If failed to produce quality and long-lasting homes, the developers are liable for any loss caused by the investors. The construction defects in a specific period of time will be under builder liability.
- Escrow Account: The builder should deposit a part of the project funds in an escrow account. It helps to prevent the money from being utilized for other external investments.
All real estate projects must be registered under RERA to promote their project and attract public investments. The RERA Authorities provide safety for public investment money without causing any financial scams.
