The Haryana Real Estate Regulatory Authority (HARERA) has issued a crucial warning to prospective homebuyers in the state: steer clear of unregistered real estate projects. This timely RERA Warns aims to protect individuals from the pitfalls of investing in properties that lack the essential safeguards guaranteed by the Real Estate (Regulation and Development) Act, 2016 (RERA).
Why the RERA Warns?
HARERA’s concern stems from the alarming rise in advertisements and promotions for unregistered real estate projects, often spearheaded by unscrupulous agents and developers. These projects operate outside the purview of RERA, leaving buyers vulnerable to a multitude of risks:
- Financial loss: Investing in an unregistered project carries a high risk of financial loss. These projects lack the legal framework and financial guarantees provided by RERA, making buyers susceptible to project delays, construction halts, or even complete abandonment.
- Deceptive practices: Unregistered projects are often rife with false promises and misleading information. Developers may exaggerate amenities, infrastructure, or completion timelines, luring buyers into investments with unrealistic expectations.
- Defective construction: Without RERA’s quality control measures, unregistered projects have a higher chance of substandard construction and hidden defects. This can lead to hefty repair costs and potential safety hazards for residents.
- Limited legal recourse: In case of disputes or grievances, buyers of unregistered projects lack the robust legal framework provided by RERA. This weakens their bargaining power and makes it difficult to seek redressal.
HARERA’s Message to Buyers and Developers:
- Buyers: HARERA urges all prospective homebuyers to exercise extreme caution before investing in any real estate project. Always verify the RERA registration status of a project before committing any funds. You can easily access this information on the official RERA website.
- Developers: HARERA warns developers against advertising or promoting unregistered projects. Such actions not only violate the RERA Act but also expose them to penalties and legal repercussions.
Investing in Your Future, Safely:
Buying a home is a significant life decision, and it’s crucial to safeguard your investment. By adhering to HARERA’s guidelines and conducting thorough due diligence, you can empower yourself to make informed and safe choices within the regulated real estate market. Remember, a registered project under RERA is a safer project.