{"id":4062,"date":"2023-08-28T18:18:10","date_gmt":"2023-08-28T18:18:10","guid":{"rendered":"\/blog\/?p=4062"},"modified":"2024-12-18T16:17:21","modified_gmt":"2024-12-18T10:47:21","slug":"difference-between-a-rera-registered-builder-and-others","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/","title":{"rendered":"Difference between a RERA registered builder and others"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>There was a time when the real estate industry was in the hands of real estate promoters, developers, builders, and property brokers. Typically, these promoters would plan a real estate project and offer it to customers through various means including glitzy advertisements and unbeatable offers. <\/p>\n\n\n\n<p>Once hooked, customers would pay the booking amount and then get\nstuck with the builder till the property was handed over to customers. Many a\ntime the builders would delay the project by giving some outrageous reasons.\nThat\u2019s not all. Some of the unscrupulous promoters would indulge in unfair\ntrade practices that included <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Charging on super built area (which included\ncommon areas)<\/li>\n\n\n\n<li>Deviating from the sanctioned plan<\/li>\n\n\n\n<li>Profiteering from the rise in property prices\nby cancelling original allotment despite having received the booking amount<\/li>\n\n\n\n<li>Collecting dubious charges<\/li>\n\n\n\n<li>Indiscipline in financial management \u2013\ndiversion of funds<\/li>\n<\/ul>\n\n\n\n<p>All customers could either wait or approach the courts to get\ntheir issues sorted out. <\/p>\n\n\n\n<p>It was not just the customers. In the absence of any regulation, the home loan market too was at the mercy of builders and they could convince financial institutions to offer home loans to buyers with attractive home loan interest rates. <\/p>\n\n\n\n<p><strong>Introduction\nof RERA<\/strong><\/p>\n\n\n\n<p>During the past few years the plight of property buyers received\nattention from the authorities and serious efforts were made to address the\nissue culminating in RERA. Perhaps, even the financial institutions offering\nhome loans expressed their desire to have a regulator who could streamline the\nreal estate sector.&nbsp; <\/p>\n\n\n\n<p><a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rera.html\">RERA<\/a> is the acronym for Real Estate Regulation Authority. RERA owes its existence to the Real Estate (Regulation and Development) Act, 2016 enacted by the Indian Parliament to safeguard the interests of property buyers in the country. The Act came into effect on May 1, 2017. Each state is authorized to set up its own RERA. <\/p>\n\n\n\n<p>The Act protects\nthe interests of the buyer by making the promoters, developers and builders\naccountable for their actions. Some of the important provisions of the Act are\nas follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Separate account\n\u2013 the promoter will have to maintain a separate account for the project in\nwhich a minimum of 70% of the buyer\u2019s money should be deposited. These funds\ncan be used only for developing the project it is meant for.<\/li>\n\n\n\n<li>Advance \u2013\npromoters cannot seek more than 10% of the project cost as advance prior to\nsigning the sale agreement<\/li>\n\n\n\n<li>Original relevant\ndocuments of the project \u2013 these must be made available to the buyers for their\nscrutiny<\/li>\n\n\n\n<li>Carpet area\/super\nbuilt area \u2013 the rates to be quoted should be on the basis of carpet area and\nnot super built area<\/li>\n\n\n\n<li>Solicitation \u2013\nthe project can be advertised only after registering with RERA. The\nadvertisements should carry the RERA registration number<\/li>\n\n\n\n<li>Transparency \u2013\nthe project details must be uploaded on the RERA website<\/li>\n\n\n\n<li>Dispute\nresolution \u2013 any stakeholder involved in the project can raise a complaint with\nRERA. if dissatisfied with a RERA decision, it can be escalated to the Appellate\nTribunal<\/li>\n<\/ul>\n\n\n\n<p>As can be seen\nfrom the above, the RERA provisions aim at safeguarding the interests of the\nbuyer. Besides, the Act makes the promoters more responsible and can even help\nthem to complete their projects well on time. The Act thrives on transparency\nand timely completion of projects so that all parties can enjoy a win-win\nsituation.<\/p>\n\n\n\n<p><strong>Registered builders vs. non-registered\nbuilders<\/strong><\/p>\n\n\n\n<p>Some of the major\nobjectives of RERA include reforming the real estate sector, fostering\ntransparency, accountability and discipline in terms of keeping promises made. <\/p>\n\n\n\n<p>One of the\nimportant steps under RERA is to register the project with the authority in\neach state. The registered builders have many advantages that can include<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stamp of RERA\napproval as a badge of honour<\/li>\n\n\n\n<li>Ready acceptance\nof RERA approved projects for housing loans by financial institutions such as\nhousing finance institutions, banks and NBFCs<\/li>\n\n\n\n<li>Preference from\nbuyers to buy from builders with RERA approved projects<\/li>\n\n\n\n<li>Possibility of\ncommanding higher prices because of RERA approval <\/li>\n\n\n\n<li>Uncertainties and\ndelays are minimized under the RERA dispute resolution system<\/li>\n\n\n\n<li>Availability of\nappeal process with a time limit of 60 days<\/li>\n\n\n\n<li>Courts cannot\nintervene in RERA decisions &nbsp;<\/li>\n<\/ul>\n\n\n\n<p>On the other\nhand, the non-registered builders will have to face a diminishing market as\nmore and more builders take the registration route. The disadvantages of not\nregistering with RERA are several and they may include<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Diminishing market for non-registered projects \u2013 can offer projects only on land less than 500 square meters in area and having less than 8 apartments<\/li>\n\n\n\n<li>Can offer projects which have received completion certificates before introduction of RERA<\/li>\n\n\n\n<li>Can offer projects which are for repair, renovation or redevelopment without involving any new allotment or publicity<\/li>\n\n\n\n<li>Lack of funding avenues for buyers because financial institutions may not want to extend loans to the buyer of non-registered projects<\/li>\n\n\n\n<li>Ineligible to participate in government schemes such as <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/pmay.html\">PMAY<\/a> which provide interest subsidies to buyers<\/li>\n\n\n\n<li>Builders will have to depend only on their reputation to market projects<\/li>\n\n\n\n<li>Probably only courts can intervene in cases of dispute even though a buyer has the option to try and settle the dispute through RERA &nbsp;<\/li>\n<\/ul>\n\n\n\n<p>If the non-registered builders have projects that are not yet registered, it makes sense to register as otherwise they run the risk of operating in a vastly reduced demand scenario. Now that you know the benefits of owning your dream home from a RERA approved project, we suggest you contact Tata Capital to avail the all-important <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a> at attractive <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates<\/a> and realize your dream without any hitch. If you want to avail a home loan and need to talk to someone, you can get in touch with Tata Capital experts here.  <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>There was a time when the real estate industry was in the hands of real estate promoters, developers, builders, and property brokers. Typically, these promoters would plan a real estate project and offer it to customers through various means including glitzy advertisements and unbeatable offers.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/difference-between-a-rera-registered-builder-and-others\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Difference between a RERA registered builder and others - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Understand the difference between RERA-registered builders &amp; non-registered builders, including advantages, funding options, &amp; dispute resolution processes. Know more at Tata Capital.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Difference between a RERA registered builder and others - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Understand the difference between RERA-registered builders &amp; non-registered builders, including advantages, funding options, &amp; dispute resolution processes. Know more at Tata Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T18:18:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-18T10:47:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/rera-home-loan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/\",\"name\":\"Difference between a RERA registered builder and others - TATA Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T18:18:10+00:00\",\"dateModified\":\"2024-12-18T10:47:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Understand the difference between RERA-registered builders & non-registered builders, including advantages, funding options, & dispute resolution processes. Know more at Tata Capital.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tatacapital.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Difference between a RERA registered builder and others\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/\",\"name\":\"TATA Capital Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\",\"name\":\"Tata Capital\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"caption\":\"Tata Capital\"},\"sameAs\":[\"https:\/\/tata-blog.osian.dev\/blog\"],\"url\":\"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Difference between a RERA registered builder and others - TATA Capital Blog","description":"Understand the difference between RERA-registered builders & non-registered builders, including advantages, funding options, & dispute resolution processes. Know more at Tata Capital.","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"Difference between a RERA registered builder and others - TATA Capital Blog","og_description":"Understand the difference between RERA-registered builders & non-registered builders, including advantages, funding options, & dispute resolution processes. Know more at Tata Capital.","og_url":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/","og_site_name":"TATA Capital Blog","article_published_time":"2023-08-28T18:18:10+00:00","article_modified_time":"2024-12-18T10:47:21+00:00","og_image":[{"width":770,"height":400,"url":"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/rera-home-loan.jpg","type":"image\/jpeg"}],"author":"Tata Capital","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tata Capital","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/","url":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/","name":"Difference between a RERA registered builder and others - TATA Capital Blog","isPartOf":{"@id":"https:\/\/www.tatacapital.com\/blog\/#website"},"datePublished":"2023-08-28T18:18:10+00:00","dateModified":"2024-12-18T10:47:21+00:00","author":{"@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a"},"description":"Understand the difference between RERA-registered builders & non-registered builders, including advantages, funding options, & dispute resolution processes. Know more at Tata Capital.","breadcrumb":{"@id":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/difference-between-a-rera-registered-builder-and-others\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.tatacapital.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Difference between a RERA registered builder and others"}]},{"@type":"WebSite","@id":"https:\/\/www.tatacapital.com\/blog\/#website","url":"https:\/\/www.tatacapital.com\/blog\/","name":"TATA Capital Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a","name":"Tata Capital","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g","caption":"Tata Capital"},"sameAs":["https:\/\/tata-blog.osian.dev\/blog"],"url":"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/"}]}},"featured_image_url":"https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/01\/rera-home-loan.jpg","_links":{"self":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/4062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/comments?post=4062"}],"version-history":[{"count":6,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/4062\/revisions"}],"predecessor-version":[{"id":43210,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/4062\/revisions\/43210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/media\/4063"}],"wp:attachment":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/media?parent=4062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/categories?post=4062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/tags?post=4062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}