Why Real Estate Agents Must Prioritize RERA Registration in 2024

 RERA quarterly compliance is one of the most important factors that play a significant role in the real estate market. RERA ensures the transparency of project funds and other details and accountability in project management.


Under the Real Estate (Regulation and Development) Act, 2016, developers must submit regular reports specifying project progress and financial discipline. 


RERA quarterly compliance not only protects consumer interests but also enhances the credibility of developers in a competitive market. By following all the regulations mentioned in RERA, developers can build better relationships with their clients, which also increases their word-of-mouth marketing. Moreover, avoiding legal disputes is a significant task in the real estate market. With this blog post, we will try to understand why Prioritizing RERA quarterly compliance is essential for sustainable growth and success in 2024.

Legal Compliance

Projects with an area of more than 500 square meters or more than eight apartments need RERA registration. All real estate agents and developers must complete RERA registration and strictly follow all the regulations and provisions. The RERA provisions are beneficial in managing the legal processes and avoiding relative penalties or legal disputes related to these activities.  

Enhanced Credibility and Trust

We all know that RERA protects against any kind of fraud, so it is significant in the eyes of buyers. With the help of RERA Registration, developers can easily build a trustworthy relationships with their buyers. RERA registration actually plays an important role, protecting several types of fraud or misinterpretation and providing assurance to the clients.  

Consumer Protection

RERA is designed with various regulations and provisions, but there are certain rights that are given to the buyers. These rights are essential for consumer protection and help in avoiding various types of fraud. These rights include the right to information about project features, the right to claim compensation, protection against unethical practices etc. Moreover,  registered agents work with more trustworthy clients, which reduces the risk of legal disputes.  

Transparency and Accountability

The most important reason for promoting RERA is to maintain transparency and Accountability between developers and buyers. After RERA registration, the real estate marketplace is more reliable and truthful. Moreover, buyers' awareness of the need for accurate information and to make the right decision has also increased.  

Access to Grievance Redressal Mechanisms

RERA quarterly compliance establishes a framework for addressing grievances related to real estate transactions. Agents or developers who have completed their RERA registration process can experience smoother resolution processes for their clients, which enhances their customer satisfaction.  

Financial Security for Clients

Due to various financial frauds and misinterpretations, one of the main provisions stated that under RERA registration, buyers have to deposit 70% of their funds in an escrow account. With the help of this escrow account, the financial constraints of the project can be managed more effectively. Moreover, this also minimizes the risk of fund diversion and reassures buyers about the security of investment. Clients remain satisfied with trust, and agents, on the other hand, attract more clients.  

Competitive Advantage

As we have seen over the past few years, the real estate market has been quite competitive. So, in order to differentiate yourself as a developer, you have to be RERA registered. Moreover, RERA-registered agents seem more professional and genuine in the market. With the help of RERA, they are able to attract more consumers because every client prioritises security and reliability in their property transactions. 

Conclusion

To sum up all the information, we can say that RERA quarterly compliance will have various benefits in 2024. These benefits are not only specific for buyers but also for agents or developers.  The provisions under RERA quarterly compliance enhance their credibility, protect consumer interests, and foster a transparent and accountable real estate environment. By doing so, they position themselves as trusted professionals capable of navigating the complexities of the real estate market effectively.

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