The Real Estate Regulatory Authority (RERA) has transformed how property transactions occur in India. As a homebuyer in Noida, understanding RERA regulations is your biggest safeguard against builder delays and project defaults.
What to Check First?
Every builder must advertise their RERA registration number. You should always visit the UP-RERA portal and cross-verify the project details. Look for construction timelines, land ownership approvals, and escrow account records.
"A registered RERA number is your legal armor. Never sign an allotment letter or pay a booking amount for a project that does not have active UP-RERA approval."
Key Protections under RERA
Under RERA, builders cannot charge more than 10% of the property cost as an advance booking fee before signing a registered builder-buyer agreement. Additionally, 70% of the money collected from buyers must be deposited in a separate escrow account dedicated solely to construction costs for that project.
