Category: PMS

RERA ( Real Estate Regulatory Authority ) is the Controlling authority for all properties in the Real estate and Residential sectors. The Indian Government initiated this to safeguard property buyers from fraudulency and provide transparency to avoid legal issues.

Why RERA is mandatory in the Real estate sector.

The implementation of RERA has transformed the real estate sector in India by promoting transparency, and accountability, and safeguarding consumers’ interests. It shows that property investments are safe and monitored. Here’s why RERA is crucial:

• Building Consumer Trust: RERA mandates developers to disclose all project details, ensuring transparency for buyers.
• Timely Project Completion: Developers are required to meet specified timelines, with penalties for delays.
• Financial Assurance: 70% of the project funds are placed in an escrow account, ensuring that the money is used solely for the project’s construction.
• Standardization: RERA prevents developers from making misleading claims through standardized advertising practices.
• Grievance Redressal: Buyers can approach RERA tribunals for faster resolution of disputes.
• Eliminating Malpractices: The law ensures that all projects comply with required legal approvals and quality standards.

 What Are RERA-Registered Projects?

A RERA-registered project refers to real estate developments officially registered under the Real Estate (Regulation and Development) Act with the concerned state authority. These projects ensure that the developer has fulfilled all the legal and procedural requirements, which enhances transparency and accountability.

For RERA registration, developers need to provide:

• Approved building plans and layouts.
• Proof of land title and ownership.
• Financial disclosures, including project funding sources.
• Timelines and delivery schedules.
• Certification ensuring no ongoing legal disputes related to the property.

Key Features of RERA-Registered Projects

RERA-registered projects ensure a reliable and transparent property-buying experience. Key characteristics include:

• Regulatory Compliance: RERA registration guarantees that the project adheres to all legal and procedural norms.
• Unique Registration Number: Each project gets a unique number, allowing buyers to track its progress and verify details on the state RERA portal.
• Developer Accountability: RERA holds developers responsible for meeting quality standards, deadlines, and financial transparency.

By opting for RERA-registered projects, buyers secure their investments in a transparent and regulated environment.

What Are RERA-Approved Projects?

RERA-approved projects are those that have undergone thorough scrutiny by state regulatory authorities. These projects meet essential criteria, such as clear land titles, proper building permissions, and adherence to legal and safety standards.

While all RERA-registered projects follow the compliance requirements, RERA-approved projects are further vetted and provide additional assurance of credibility and reliability to homebuyers. For buyers, this approval represents a guarantee of the project’s trustworthiness and adherence to legal standards.

 Key Differences Between RERA-Registered and RERA-Approved Properties

Understanding the distinction between RERA-registered and RERA-approved projects is crucial for making informed real estate investments.

• RERA-Registered Projects: These projects are legally recognized under the Real Estate (Regulation and Development) Act, 2016. Registration ensures that the project complies with all RERA guidelines, including transparency, timely updates, and buyer protection.
• RERA-Approved Projects: This term is often used informally for marketing purposes but doesn’t hold any additional legal weight beyond registration. There is no separate legal status called “RERA-approved”; however, it’s commonly used to imply that a project has undergone a thorough review process by the state authority.

Conclusion

The term “RERA-registered” holds legal significance, while “RERA-approved” is mainly a marketing term. Buyers should prioritize RERA-registered projects for legal protection and transparency while being cautious of informal labels. Always verify the project’s status on the official state RERA portal to ensure compliance and safeguard your investment.

Monsoon is wet, messy and the real-estate market is dull. This topic may make you wonder why monsoon might be the best time to invest in a property. But we have our reasons to justify why monsoon is the best time to invest in a property.

Here are compelling reasons to buy a property during monsoon.

Property Location

Monsoon is a good time to inspect the property on how it is handling the harsh nature of weather. Rain water can flood into certain localities where there are deep pockets of water storage, erstwhile lakes and other civic arrangements in the area. From a practical point of view, you may witness how the locality handles traffic, commute and waste management during rainy season. Visiting the property during rainy and wet seasons will also help you analyze how the whole ecosystem is ideal for living. If you are new to that location, monsoon will show if it is a low lying areas in Chennai.

Quality of Construction

Properties may look well-polished on the exteriors during the summer season. But rainy season will truly reveal the quality of construction. Building walls from exteriors, common area and interiors will show signs of dampness and leakage during monsoon season. Visiting the property, you intended to purchase will show signs of seepage. Especially if you are looking at purchasing an older property you must consider inspecting it during rainy season. Winter and rainy seasons act as true tests for quality construction. Also if you are considering to purchase a property that is in the ground floor or on the top floor, the property must be checked against water flooding and water leakage.

Price Advantage

Real estate market is fairly less active during rainy season due to the practicalities involved in it. But as a smart real estate investor, you must capitalize on the advantage of rainy weather. Rainy seasons is when realtors will throw in additional discounts to cover up for dull sales. You might be able to bargain better during rainy seasons for rates, discounts and getting waivers on certain aspects. Real estate market also considers festival seasons as auspicious for promoting their properties. For both new and resale properties you will be in a better position to negotiate for better deals.

Health and Safety Protocols

Properties are not individual units. They are an integrated part of the society. Incidents may occur like floods, cyclones or any health emergencies. COVID-19 is definitely a jolting example of how properties were prepared to handle emergency situations. Like every other location Chennai was witnessing first time the situation and had to readily adapt to it. Property management companies in Chennai played an important role to keep communities protected from the inflow and outflow while keeping residents in a safe manner. Because there is more than one aspect like security, residential welfare associations cannot self-serve in protecting their communities. Property Management companies are trained in effectively planning the vendor management, waste management, common area maintenance etc.

Investing in properties are getting into long term engagements. They are not one-off arrangements as once signed-up the property is with you forever. Good or bad, the property owner needs to deal with it without much support from any external parties. That’s why investing in properties is very important. One must thoroughly evaluate a property from a location, price, construction quality and maintenance culture perspective.

Propshell Developers has been launching Safest Residential Communities in Chennai. Their past and ongoing properties are equipped with season-proof arrangements to keep your property, valuables and residents safe.

Explore safe plots for sale and flats for sale in OMR, Chennai from Propshell Developers. You may understand why Propshell is reigning as one of the trusted real estate companies in OMR Chennai.

Though Chennai had been enjoying a steady weather seasonality pattern in the past, in recent years due to global temperature change and many other unknown factors there has been an increasing trend of irregularity. Landlords are increasingly aware of the preemptive monsoon maintenance checks to safeguard their properties, valuables and invaluable lives.

Here are some pragmatic ways your gated community could be safeguarded during Monsoon.  

Rainproof your Terrace

Communities especially have to care a lot about terrace. As it is the first source where rain water can clog. Terrace is usually exposed to hard weather during summer and winter. So it is high time you inspect terrace for its innate strength to shield your property in a rainy season. Terrace Waterproofing services from property management companies in Chennai would be a great start. Professionals would identify weak spots and terraces that need immediate fixes to stop seepage. Elastomeric coating is usually applied to insulate by waterproofing companies. Prior to that it must be evaluated if the flat terrace surface slides water in towards drainages. Any small civil construction work might be very helpful in ensuring water doesn’t get clogged in huge terrace area.

Insulate your Exteriors

Chennai monsoon rains can get harsh with unpredictable weather pattern. Property Management for gated communities must ensure building exteriors are well cared before monsoon season. New and old building wall exteriors usually have air cracks, patches and visible damages. These must be identified. Common Area maintenance cannot also ignore such wall cracks and patches inside homes too. Property Management Company must work with the resident welfare association and property owners to get ready for monsoon.

Inspect Drainage Pipes

Drainage provisions must have been deployed to ensure rainwater goes through without interruptions seamlessly. However, properties that have lots of trees grown nearby need to be cautionary even further. Dry leaves could be a major hazard for water drainages. Drainages from terrace should be inspected regularly by your property management company without which the whole monsoon protection could go for a toss. Similarly, the drainage systems from the community to corporation pipes must be inspected. Any debris that can cause this junction must be reported well in advance with the Chennai Corporation and made sure they are taken care.  

Protect your Windows & Shades

Window Shades are often being ignored for the difficulty to reach and maintain. But these are avenues where water slowly seeps in and inflict damages to the wall. Because wooden windows can absorb and store water, they can keep the adjoining walls wet for longer times. Consult your property management company to protect window shades with insulating materials so that they balance moisture, aeration and sunlight. Beyond rainwater, windows and shades allow other contaminants like fungi to damage your property. These microbial attacks are often invisible until they have done the damage to full.

Electrical Wiring

Common Area Maintenance for property managers is a big challenge. For providing lights and other services like generators, elevators and water – common area have switches and electrical equipment sometimes exposed to rainwater, droplets and moisture. Routine maintenance checks of property managers must include insulating electrical wires, electrical sockets, fuses and exposed lights.  

Rainwater Harvesting

Common Areas in Gated communities have rainwater harvesting installations. Rainwater harvesting systems are purposeful but won’t function on time when not maintained. A network of pipes and rains can get clogged from unattended dry leaves, debris, plastic items, bird nets, and any other items that were not mobbed and disposed safely.

Property Insurance

General insurance providers offer property insurance. Check if claims against damages from natural calamities are covered in your insurance. Property Management Companies can consult your resident welfare association on the readiness and accordingly discuss with insurance agents.

Conclusion

Weather, especially monsoon is tricky for property managers to take care of vast common areas in residential apartment communities. Managing this internally with a team of volunteers is often not enough. Property Management companies have expert plumbing, waterproofing, electrical resources who could help with valuables insights.

Have you made your property monsoon-ready? Consult Propshell.

Take professional consultation from Propshell Property Management.