RERA Registration: Why It Matters and What It Means for You

The Real Estate (Regulation and Development) Act, 2016 (RERA) has transformed how real estate is bought and sold in India. Understanding RERA protections is essential for every homebuyer. Here's what you need to know.

What is RERA?

RERA is a central government act that regulates the real estate sector. It requires developers to register their projects, disclose project details, and follow strict timelines—protecting homebuyers from delays and misrepresentation.

Key RERA Protections for Homebuyers

1. Carpet Area Transparency

Developers must sell based on carpet area (usable floor area), not super built-up area. This ensures you know exactly how much livable space you're buying.

2. Project Timeline Accountability

Developers must declare a completion date. If delayed, buyers can:

• Withdraw and get full refund with interest
• Continue and receive interest for delayed possession

3. Financial Security

70% of project funds must be kept in a dedicated escrow account and can only be used for that project's construction. This prevents fund diversion.

4. Defect Liability

Developers must fix structural defects or workmanship issues for 5 years after possession—at no cost to buyers.

5. No Changes Without Consent

Developers cannot make changes to approved plans without buyer consent (for structural changes affecting the unit).

How to Verify RERA Registration

1. Visit the state RERA website (Haryana: haryanarera.gov.in)
2. Search for the project by name or RERA number
3. Verify developer details, approved plans, and project timeline
4. Check complaint history and developer track record

Why Choose RERA-Registered Projects?

• Legal Recourse: RERA authorities provide fast-track dispute resolution
• Information Access: All project details are publicly available
• Bank Loans: Banks prefer funding RERA-registered properties
• Credibility: Registration indicates developer compliance and seriousness

Elan The Statement Compliance

Elan The Statement is fully RERA-compliant. Our registration ensures:

• All project details are transparent and accessible
• Funds are protected in an escrow account
• You have legal recourse for any grievances
• Construction timelines are documented and accountable