Here’s all the information you need before you go on exploring real estate.
As per RERA, each real estate agent needs to be registered with the authority. RERA provides the registration number along with the registration certificate to every RERA authorized real estate agent.
You can check the information of all registered agents through the RERA website by searching for his/her name or Agent registration number. (For example, MahaRERA website→ Registration→ Registered Agents → Search→ View details)
List of registered real estate agents can be checked online on state-specific RERA sites (For example, MahaRERA website→ Registration→ Registered Projects→ Search→ View Details→ Project Professional Information)
- Carpet Area: This is the net usable area of the apartment that excludes the areas under service, shafts, lifts, balcony or veranda.
- Floor Space Index (FSI): Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. The FSI varies with every location depending on the surrounding and the development rate. A higher FSI will have a higher built-up area.
- Commencement Certificate: It is the certificate issued by the local authorities as a green signal to start the construction work.
- No Objection Certificate: NOC is issued by an organization to approve of the development proposed in the vicinity and not intending any objection over it.
- Occupation Certificate (OC): Occupation Certificate is given to a building after it passes all the standards of becoming a building that is suitable for habitation.
- Sale Deed Agreement for Sale: A Sale Deed / Agreement for Sale is an important evidence in sale and transfer of ownership of a property in favor of a buyer from the seller.
- Stamp Duty: Stamp Duty is a tax levied by the Government against the purchase of a property.
- RERA: The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal.
- Online Research: Below are some questions that you may come across while searching for a property.
- Where should I look for project information online?: There are many sites where you can find project information among them are the RERA (Real Estate Regulatory Authority). RERA, being a government entity, is considered the most trustworthy source of information. You can also refer to the developer’s website to get more information about the property you are looking for. Apart from these sources, there are many online realty portals that display information pertaining to different developers and their project. These portals also have comments and ratings section where you can see the reviews of the projects.
- Can I get all project information online?: An in-depth research could give you a proper idea about the property and enable you to with relevant question after you do a site visit. However, doing a site visit and meeting the person in charge is a must to get an overview of the property.
- How can I connect with the company representative or a reliable and credible real estate agent for the project?: To connect directly to the company representative, you can refer to the developer’s website to get their contact details.