RERA: It stands for Real Estate Regulatory Authority and this Act came in force in the 2017 in the state of Rajasthan. This is an authority formed by government which protect customers from any kind of forgery in the Real Estate and at the same time it also enables developers to develop their projects and deliver successfully without any hassle. Each of real estate project need to be registered with RERA and RERA provide them a certificate of being registered project. You can check any kind of information about project by visiting Rajasthan RERA website by exploring www.rajasthan.rera.gov.in -> Search -> Project Search

HIG: The term often used in residential projects to indicate the category of house type based on the income group and term stands of Higher Income Group and certain criteria is defined by the government to buy a house in Real Estate Project in HIG Category.

MIG: The term often used in residential projects to indicate the category of house type based on the income group and term stands of Middle-Income Group and certain criteria is defined by the government to buy a house in Real Estate Project in MIG Category.

LIG: The term often used in residential projects to indicate the category of house type based on the income group and term stands of Lower Income Group and certain criteria is defined by the government to buy a house in Real Estate Project in LIG Category.

EWS: The term often used in residential projects to indicate the category of house type based on the income group and term stands of Economic Weaker Section and certain criteria is defined by the government to buy a house in Real Estate Project in EWS Category.

Carpet Area: Carpet area means the net usable floor area of a Flat/Apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the Flat/Apartment.

Built Up Area: Built Up area means the sum of area of the Flat/Apartment. It shall include area encompassed within the walls of Flat/Apartment, all balconies, whether covered or un-covered, and thickness of wall. In case there be a common wall 50% of thickness of such wall shall be taken in consideration for calculating the built-up area.

Super Built-Up Area: Super built-up area includes area of rooms, kitchen, 50% of area of balcony/veranda, toilet, walls & proportionate common area of each Building/Flat permissible under the provisions.

Common Area: Common Area and common facilitiesof the project shall mean and include Scheduled Land, area occupied by the Building and such common areas, facilities and spaces meant for common use of the occupants of the Project and equipment’s provided AND/OR reserved for common use and enjoyment of all the occupants of the Project.

Commencement Certificate: The certificate issued by local authorities (Nagar Palika/Nagar Nigam/UIT/District Development Authority etc.) to developer for a project to start the construction work.

No Objection Certificate: NOC is issued by an organization to approve of the development proposed in the vicinity and not intending any objection over it.

Occupation Certificate (OC): OC is given to a building after it passes all the standards of becoming a building that is suitable for habitation.

Sale Deed/Agreement for Sale: A Sale Deed/Agreement for Sale is an important document and evidence in sale and transfer of ownership of a property in favor of a buyer from the seller and it constitutes all the terms and conditions about the executed sale.

Stamp Duty, GST & Other Taxes : Stamp Duty is a tax levied by the Government against the purchase of a property and buyer of property is liable to pay it unless seller offered any exemption or scheme not to pay stamp duty at the time of booking and as mentioned in Agreement for Sale.

CLP: Stands for Construction Linked Payment Plan which means that a customer need to pay developer against his booking of unit as per CLP mentioned in Agreement to Sale and/or Terms of Allotment based on construction progress of allotted unit.

How can I find detail about a Real Estate Project?
You can find all the details of a Real Estate project registered with RERA of the state where the project is situated, on the website of concerned state’s RERA. You can also ask the developer or its authorized person for the same before making selection.

What is better to do before I finalize my booking?
You can explore and research about few of the projects online in your desired area. There are many websites where you can find the information to compare. You can also use developers’ websites for better comparison before making any deal.

What is the safer way to connect with the developer or their team?
Now a days there are a lot of fake websites and agents all over so be careful while connecting to the developer. You can use developer’s official website or newspaper advertisements for authorized contacts of a developer to avoid getting involved with fake people.

You need to ask about additional charges, time of possession, mode of payment, certificate of project registration in RERA.

What document I need to ask the developer at the time of confirming booking?
Remember to pay only by Cheque/demand draft/RTGS/NEFT/IMPS only in the authorized bank account of the Developer, do not ever pay in cash. Once your booking amount is credited in developer’s bank account, you can ask them for the receipt.

What documents I need to get from developer after confirmed booking?
After confirmed booking developer will allot you the unit and prepare an allotment letter along with terms or allotment and same will be signed by you and developer. After allotment Agreement for Sale need to be signed by you and developer and same need to be get registered with concerned. Developer will provide a copy of the agreement for sale for your future reference. It is an important document until you get possession so keep it safe.

What I need to have for executing Agreement for Sale?
You need the following documents for Agreement for Sale:

1. Agreement of Sale in duplicate (developer will provide).

2. KYC Passport size photographs of all the parties included in agreement.

3. Witness and his KYC and passport photographs.

4. NOC (if required, developer will provide)

5. Layout plans separate or as a part of Agreement of Sale.

6. Cash or DD to pay Stamp Duty and any other charges.

7. Documents related to property and project (developer will provide).

1. Passport size Photographs

2. KYC of applicant

3. Income Proof (Latest Salary Slip/ITR/Salary Certificate etc.)

4. Cheque Book

5. Latest bank Statement

6. Address Proof

7. Property Papers

8. Registered Agreement for Sale

9. Payment Receipt

10. If businessman then Firm/Company’s Registration certificate, ITR, B/S, P&L, Computation etc. of last 3 years.

Your bank can ask any other documents or guarantor based upon your professional profile and CIBIL Score.

P.S.: Developer will not in any case responsible for your home loan as its solely the bank’s discretion.

Settle all the dues as per mentioned in possession notice by developer by Cheque/demand draft/RTGS/NEFT/IMPS only in the authorized bank account of the Developer. After settling outstanding you need to execute a Sale Deed/Conveyance Deed and get it registered at office of the concerned Sub Registrar. Once the Sale Deed is being executed, the developer shall handover you the key of your purchased unit. Please check the unit and find if it’s as per developer offered and/or committed you at the time of booking. If there is any issue then immediately report that to developer or its authorized person in written. You also need to collect following document along with key:

1. Original Sale Deed

2. Copy of Encumbrance Certificate

3. Copy of Commencement Certificate

4. No Objection Certificate (NOC)

5. Letter of No Dues

6. Stamp Duty Receipt

7. Payment Receipts

8. Possession certificate