With the Real Estate Regulation & Development Act (RERA) in place, investors should focus on reputed developers having established track record and sound financial status. RERA has been formulated to enhance transparency and introduce a systematic approach to investment in the real estate industry. From the buyers perspective, it ensures accountability, safeguards their interests, and assures timely completion of a real estate project. For the industry, it increases long-term credibility leading to increased foreign and domestic investments.

However, certain factors need to be kept in mind while buying property in developing cities like Nashik. Although RERA has shifted the power to the buyer’s side, they should select a property that best suits their requirements in terms of location, amenities, construction quality, and pricing. With RERA in place, buyers must keep following factors in mind before investing in a property:

1. Under RERA, all ongoing projects must be registered by the developers within a specified time period. After registration, all the project details must be uploaded on the RERA website to provide regular updates on the progress of construction. Hence, if you are a buyer planning to invest in a residential property, confirm its registration on RERA website.

2. Buyers must invest in projects by reputed builders only. Many reliable developers like the Karmaa Group are offering affordable residential properties in Nashik with all required amenities. Invest in their residential projects to get a luxurious Nashik property all within your budget.

3. Buyers must investigate the financial stability of the builder or developer as it defies their ability to successfully execute the project.

4. Buyers should note that the promoter is not offering any real estate project without registration on RERA website. Every advertisement or offer, by the promoter, needs to have a RERA registration number.

5. Ensure that the promoter has proper declaration about tentative project completion and legally valid documents for construction on the land under consideration.

6. Buyers must check that the affidavit bears a date of possession along with the rate of interest for default processing.

7. Buyers must check the approvals and licenses of the selected developers.

8. Buyers must understand the difference between carpet area and super built-up area under RERA. This ensures that they have a clear understanding of the requirements for carpet area that may help in making a sound purchase.

9. Buyers must know the overall total cost of a property apart from basic which includes hidden costs as well.

10. Buyers should know about different payment options such as flexible-payment plan, special down-payment plan, possession-linked plan, and construction-linked plan offered by the developers. Each plan has certain associated cost benefits. Many buyers favor booking projects that nearly meet their customized requirements at the lowest price. On the contrary, buyers can accrue maximum benefits by adopting a long-term perspective to property investment.

RERA has given an assurance of reliable property investment to the buyers. With RERA in place, real estate in Nashik is going to witness an all-time high with more buyers investing in developmental projects and residential properties.