I am interested in a property in Hyderabad which has HMDA approval. The project started in 2010 and it is being built phase by phase. Since RERA act was passed in 2016, the property does not have RERA approval. But the builder is a genuine one and highly reputed. Should I buy it?
registration under RERA is compulsory for any builder who wants to develop a residential or commercial property on land that is more than 500 sq. Meters or the number of proposed apartments in all phases is more than 8.
Let the buyer beware is the law, members even without knowing the name of a builder can not suggest/recommend any builder, as the present defaulters are highly reputed builders in Delhi and Mumbai. Personally inspect the progress of construction, interact with those owners occupying in the previous completed phase, and convince yourself.
Fundamentally HMDA approval is a precaution that the builder obtained proper approval.
RERA comes into the picture only in case of default but is not concerned with the execution of the project and may serve as insurance for the loss at a later stage.
Ultimately the reputation and financial standing of the builder that has to be looked into.