Difference between RERA Registered and RERA Approved 

The real estate ( Regulation and Development ) Act, 2016 (RERA) is an important legislation in India that aims to regulate that real estate sector and protect the interests of homebuyers. When it comes to the terms “RERA registered” and “RERA approved”, there are some difference between in their meanings and implications: 

RERA Registered

When a real estate project or a real estate agent is termed as "RERA registered," it means that they have fulfilled the necessary requirements and have been registered with the Real Estate Regulatory Authority (RERA) of the respective state where the project is located.

For real estate projects, registration with RERA is mandatory if the project meets the specified criteria such as a certain number of units or a certain land area.

RERA registration provides transparency and accountability in real estate transactions, as it ensures that the project details are disclosed to the buyers, and the developer follows the guidelines set by RERA in terms of timelines, quality, and other aspects.

Buyers are encouraged to purchase properties in RERA-registered projects as it provides them with legal protection and recourse in case of any disputes or delays.

Requirement:

Every real estate project and real estate agent must register with the Real Estate Regulatory Authority (RERA) before advertising, marketing, or selling any property.

Purpose:

Registration aims to bring transparency and accountability to the real estate sector by ensuring that developers provide accurate information about their projects, including land status, approvals, layout plans, and other essential details.

Process:

Developers need to submit comprehensive information about their projects to obtain registration, which includes details like project plans, land ownership documents, financial statements, and timelines for completion.

RERA Approved

The term "RERA approved" is not commonly used in the context of RERA regulations. It may refer to a project or agent that has received approval or clearance from RERA, but it is not as specific as being "RERA registered."

It's important to note that the key distinction lies in the fact that RERA registration is a formal process that involves meeting specific legal requirements and obligations, while being "RERA approved" may not carry the same legal weight or assurance.

Therefore, when considering a real estate project, buyers should look for projects that are officially "RERA registered" rather than just being "RERA approved" to ensure that they are protected under the provisions of the RERA Act.

Requirement:

Once a real estate project is registered with RERA, it undergoes scrutiny by the regulatory authority to ensure compliance with all the rules and regulations set forth by RERA.

Purpose:

Approval signifies that the project has met the standards and criteria established by RERA, including legal, financial, and quality aspects.

Process:

RERA approval involves a thorough assessment of the project's documentation, plans, financial viability, and adherence to legal requirements. Only after this evaluation will the regulatory authority grant approval for the project to proceed with marketing and selling to the public.

Best Builders in Chennai 

Difference Between RERA Registration and RERA Approval

• RERA Registration is a mandatory requirement for real estate projects meeting specific criteria, while RERA Approval may not necessarily indicate compliance with all RERA regulations.
• RERA Registration involves the submission of detailed project information and documentation to the Real Estate Regulatory Authority, whereas RERA Approval may involve a less rigorous process.
• RERA Registered projects are listed on the official RERA website, providing transparency to buyers, while RERA Approval status may not be publicly accessible.
• Developers of RERA Registered projects are required to adhere to timelines and quality standards set by RERA, whereas RERA Approval may not have the same level of oversight.
• RERA Registration provides legal protection to buyers in case of disputes or delays, while RERA Approval may not offer the same level of safeguards.
• RERA Registered projects are subject to penalties for non-compliance with RERA regulations, whereas RERA Approval may not carry the same consequences.Buyers are encouraged to purchase properties in RERA Registered projects for added security, whereas RERA Approval may not provide the same assurance.
• RERA Registered projects are required to deposit funds into a separate escrow account as per RERA regulations, ensuring financial discipline, while RERA Approval status may not involve such requirements.
• RERA Registration ensures that project details are disclosed to buyers, including the carpet area, amenities, and completion schedule, while this may not be guaranteed in projects labeled as RERA Approved.
• REAR Registered agents are required to comply with code of conduct and ethics prescribed by RERA, whereas RERA Approval may not necessitate the same level of accountability.
• RERA Registration involves a comprehensive scrutiny of project documents and legal clearances, ensuring project legitimacy, while RERA Approval may not involve such thorough vetting.
• RERA Registered projects provide buyers with the right to seek redressal through the Real Estate Regulatory Authority in case of grievances, whereas RERA Approval may not grant the same level of recourse.
• RERA Registration signifies a project's compliance with RERA rules and regulations, ensuring buyer protection, while RERA Approval may not offer the same level of assurance.
• RERA Registered projects are required to display their RERA registration number in all marketing and promotional materials, providing visibility to buyers, whereas this requirement may not apply to projects labeled as RERA Approved.
• RERA Registration is a legal mandate under the Real Estate (Regulation and Development) Act, 2016, whereas RERA Approval may not be a formal requirement but rather an indication of some level of compliance.