Submitted by: Rajeev Kapoor
The Real Estate Regulation & Development (RERA) Act, which was introduced on May 1, 2017, is considered to bring massive changes in Indian real estate industry. The main objective of the act is to facilitate the home buying process and bring transparency between the developers and customers. RERA would bring relief to customers, increase foreign direct investment (FDI) and developers working on existing projects need to register with RERA within three months. As soon as the housing project gets registered, all the relevant information and facts about the project must be uploaded on the official website of the developer along with licenses/approvals.
In the past, there were several cases of delay in the completion of project, non-possession of apartments, etc., which would now change with the help of RERA. Knowing essential details and information about RERA would help you to invest money in the right real estate project. So, if you are planning to buy property in Lucknow post-RERA, certain factors must be kept in mind in order to make an informed decision.
1. Is the Residential Property in Lucknow City Registered Under RERA
It is essential to check whether the residential project is registered under RERA before making advancement payment for the purchase of flat/apartment. The registration is compulsory for all the residential and commercial projects. Failure on the part of developer to register the project would draw penalty, which could be 10 percent of the project cost.
2. Getting the Projects Registration
Usually, customers who invest money in residential projects in Lucknow before the launch or completion get deceived by the builder. Under RERA, real estate companies have to get the registration of their housing project done for every level or stage separately, thus facilitating transparency and clarity.
3. No Advertisement/Promotion Without RERA Registration
You have to check if the builder has advertised or promoted the property before RERA registration. If any builder has done this, it is better to avoid any deals or transactions with that developer. If the project has already been registered, then every advertisement must include the RERA registration number.
4. Difference between Carpet and Super Built-Up Area
While looking for flats in Lucknow in a housing project, you must know the difference between carpet and super built-up area under RERA. The carpet area comes within the walls of the house, whereas super built-up area includes outer area such as staircase, lobby, balcony, etc. The builder will include the carpet area in selling price but not super built-up area.
5. Super Built-Up Cost Not Included
If any developer has added super built-up area cost in selling price, it is against RERA act. Under the act, carpet area instead of super built-up area has been clearly delimited in the law.
6. Certifications and Approvals
It is important to check whether the builder has all the necessary licenses, certifications and approvals from concerned authorities for the execution of the project. If the new or upcoming housing property in Lucknow has all the requisite licenses and approvals, it will be better to invest in that property.
7. Verify if the Projects Land is Disputed
Before making any deal or transaction with the developer, check for the legitimacy of the projects land and see to it that the land is not disputed. The real estate company must have complete registration and control of the housing project.
8. No Modifications in the Plan Without Written Permission
The realty firm must not make any modifications in the plan sold to customers without written consent. Generally, developers tend to engage in this practice, which would now be handled with RERA.
9. Financially Stable Builde
If the builder has sufficient finance, the project will be completed on time. On the other hand, if the developer lacks finance, the project will get delayed. So, if you are looking for apartments for sale in Lucknow, choose a builder who is financially stable and has proven track record.
If you keep the above mentioned points in mind while investing in an upcoming or new residential property in Lucknow, rest assured that you have made the right decision.
About the Author: Rajeev is sales and marketing consultant at Azea Botanica, an upcoming residential project in Lucknow being developed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based companies through foreign direct investment. Azea Botanica, which is RERA registered, offers 3 & 4BHK luxury apartments in Lucknow at a prime location of Vrindavan Yojna. To know more about Azea Botanica, please visit