KS Group- RERA Guidelines and How They Protect Commercial Property Buyers in Zirakpur

1. RERA Guidelines and How They Protect Commercial Property Buyers in Zirakpur The Real Estate Regulatory Authority was created to introduce clarity and justice in India's real estate sector. It offers many benefits of residential property deals. RERA also provides similar protection for commercial property in Zirakpur. Hence, buyers can invest without doubts in the industry. Does RERA Apply to Commercial Property? RERA applies to both residential and commercial projects. Commercial properties such as offices and mixed-use developments must be registered under RERA. These properties should exceed 500 square meters. This rule also applies to properties with more than eight units. This regulation ensures that developers disclose all project-related information. The information includes approvals and specifications. Hence, they offer buyers greater transparency. How Does RERA Protect Buyers? RERA has several safeguards that protect commercial property buyers: ● Transparency: Buyers can access detailed project information. This includes timelines and legal clearances on the RERA website. ● Accountability: Developers must adhere to promised timelines. They should deliver projects as per approved plans. ● Financial Security: RERA mandates developers to deposit 70% of project funds into an escrow account. This step reduces the risk of fund diversion. ● Legal Remedies: Buyers can also file complaints with RERA and expect swift resolutions. These steps ensure the buyer is informed about the property. They also reduce the risks associated with real estate investments. Can a Tenant Claim Ownership? In India, tenants cannot claim ownership of commercial property unless explicitly granted through legal agreements. Tenancy rights under the Transfer of Property Act protect the tenant

2. from unlawful eviction but do not confer ownership. RERA ensures that ownership rights of commercial property are clearly documented, thus preventing disputes. What Does RERA Ensure? RERA provides the following fundamental guarantees to buyers: ● Timely Delivery: Compensation for delays in the project. ● Quality Standards: The developer is liable for structural defects for five years. ● Clear Titles: Proper ownership details to avoid legal issues. ● Fair Contracts: Avoidance of one-sided contracts that are always in favour of the developer. Conclusion RERA's strong principles are changing the commercial real estate market landscape in Zirakpur. From providing transparency, accountability, and protection for a buyer, it has made investments in commercial properties both safe and profitable through RERA compliance. For all those wanting to invest securely in a property in Zirakpur, RERA-certified projects by reliable developers are the best option. Sources: https://www.cascadebuildtech.com/everything-you-need-to-know-about-rera-punjab/ https://timesproperty.com/article/post/can-tenants-legally-claim-ownership-of-commericial-proper ty-blid8345#:~:text=In%20commercial%20real%20estate%2C%20this,often%20many%20years )%20without%20interruption.