Secure Your Dream Home with RERA Approved Projects in Bihar

If you are looking to buy a property in Bihar, it is important to know about the Real Estate Regulatory Authority (RERA) and how it impacts property buying. RERA aims to protect homebuyers by ensuring transparency and accountability in real estate projects. When a project is “RERA approved,” it means that the project has been registered with the RERA authority and follows the necessary rules and standards. This guide covers what RERA approved projects in Bihar mean, why they matter, and how you can find and verify these projects.

What is RERA and why was it established?

RERA is a law introduced in 2016 to regulate the real estate sector and protect the interests of homebuyers. Prior to RERA, many homebuyers faced issues like delayed project delivery, unclear agreements, and lack of accountability from builders. To address these challenges, the government introduced RERA, making it mandatory for builders to register all residential and commercial projects.

RERA ensures that each registered project complies with strict standards, giving buyers more confidence in their investment. Now, builders in Bihar, like everywhere else in India, must disclose full project details, including the completion timeline, construction quality, and any necessary approvals. This transparency helps buyers make informed decisions.

Benefits of buying RERA-approved projects in Bihar

When you invest in a RERA-approved project, you gain several advantages, including:

1. Transparency: RERA requires builders to provide all project details upfront, including completion date, layout, and legal approvals. This transparency reduces the chances of fraud.

2. Timely project completion: Builders of RERA-approved projects are held to strict timelines. If there are delays, buyers are entitled to compensation, making it a safer option for those looking to move in on time.

3. Quality assurance: RERA compliance ensures that builders maintain quality standards. If any issues arise within five years, the builder must fix them at no additional cost to the buyer.

4. No hidden charges: RERA restricts builders from charging hidden fees. All costs are disclosed in the agreement, so you know exactly what you are paying for.

5. Legal protection: In case of disputes, RERA provides a platform to resolve issues, helping buyers get justice faster and more efficiently than through traditional legal channels.

How to identify RERA approved projects in Bihar

By following the simple steps below, you can easily identify RERA-approved projects in Bihar:

1. Visit the Bihar RERA website: Start by visiting the official Bihar RERA website. This site has a public search feature where you can look up registered projects and developers by name or RERA registration ID. This quick check can confirm if a project has the necessary RERA approval.

2. Check for RERA ID: Every RERA-approved project has a unique registration number, or RERA ID, provided by the regulatory authority. Ask the developer for this ID and verify it on the Bihar RERA portal.

3. Review project details on the RERA portal: On the RERA portal, you will find essential project details like legal approvals, layout plans, and timelines for completion.

4. Verify clearances: Ensure that the project has obtained all local and municipal clearances.

5. Check for updated project status: RERA mandates regular updates from developers on project progress. Look for updated timelines and construction milestones on the Bihar RERA portal.

6. Ask for documentation from the developer: Request project-specific documentation directly from the developer, including the RERA certificate and compliance records.

Key points to remember when buying a RERA-approved project in Bihar

• Research the builder’s track record: Even with RERA approval, it is wise to check the builder’s previous projects and reviews to ensure they have a good reputation.
• Visit the site: While online research is helpful, visiting the site of the project gives you a firsthand look at its progress and quality.
• Review the agreement carefully: Ensure that all terms are in line with RERA requirements, and have a lawyer review the agreement if possible.
• Understand your rights: RERA provides several rights to homebuyers, such as timely possession, compensation for delays, and clear information on charges. Knowing your rights can help you make informed decisions.
• Stay updated on RERA notifications: The Bihar RERA authority often issues updates, so keeping an eye on these notifications can keep you informed about your project’s status.

RERA approved vs. non-RERA approved projects: A quick comparison

Aspect	RERA approved projects	Non-RERA approved projects
Legal protection	Buyers are legally protected under RERA's regulations.	Limited legal recourse in case of project delays or disputes.
Project transparency	Transparent details on project approvals, timelines, and developer commitments.	Lack of transparency in approvals, progress, and compliance.
Project delays	Regular updates on project status, ensuring timely delivery.	No regulatory oversight on project timelines, leading to potential delays.
Builder accountability	Builders must adhere to RERA’s guidelines, ensuring accountability.	No enforcement of builder responsibilities, increasing risk of incomplete projects.
Defects liability	Developers must fix defects within 5 years after possession.	No legal obligation to fix defects after possession.
Financial risk	Secured investments with clear legal backing and transparency.	Higher financial risk with unclear legal standing and potential issues.
Registration	Projects are registered with RERA, ensuring they meet required standards.	Projects are not registered, with no official guarantee of compliance.
Buyer's assurance	Buyers are assured of project completion and timely delivery.	No assurance regarding project completion or quality.

The role of home loans in RERA-approved projects

For many homebuyers, purchasing a property is one of the largest investments they will make. Securing a home loan helps make this investment more manageable. Lenders are more likely to approve loans for RERA-approved projects because of the security they provide to buyers and lenders alike. When you choose a RERA-compliant property in Bihar, the chances of securing a favourable home loan, along with lower interest rates and a smoother loan approval process, increase.

Explore Bajaj Housing Finance Home Loan

If you are ready to take the next step, secure a home loan to finance your dream home. Bajaj Housing Finance offers convenient home loans designed to make your journey stress-free.

Here are a few benefits of opting for a Bajaj Housing Finance Home Loan:

1. High loan amount: Secure a home loan of up to Rs. 15 crore* to bring your dream home to life.

2. Low interest rates: Enjoy interest rates starting 8.25%* p.a, and EMIs as low as Rs. 741/lakh*.

3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.

4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.

5. Simple application: Take advantage of doorstep document collection for a smooth process.

6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.

Ready to make your dream home a reality? Apply for a Bajaj Housing Finance Home Loan today.