HYDRAA Offers Crucial Advice for Homebuyers in Hyderabad
As Hyderabad’s real estate sector continues to grow at a robust pace, the Hyderabad Realtors Association (HYDRAA) has issued a set of key recommendations for individuals planning to purchase apartments and independent houses in the city. In light of increasing reports of buyer grievances and legal disputes, HYDRAA’s advice aims to safeguard buyers’ interests and promote ethical practices in the property market.
Importance of RERA Registration
HYDRAA emphasizes the necessity of verifying whether a property or project is registered under the Real Estate Regulatory Authority (RERA). Buyers are urged to only engage with RERA-compliant projects, as this registration assures legal accountability, transparency in project specifications, timelines, and provides buyers with a legal recourse in case of disputes.
Choosing the Right Real Estate Agent
The association stresses the importance of dealing only with RERA-registered real estate agents. This ensures that agents comply with legal obligations and industry standards, providing a layer of trustworthiness and professionalism during the transaction process. Buyers are encouraged to request and verify the agent’s RERA registration number before initiating any deals.
Conducting Due Diligence
HYDRAA advises prospective buyers to thoroughly verify a builder’s credentials, including past project delivery track records and customer satisfaction. Additionally, it’s crucial to examine land titles, approvals from relevant authorities such as GHMC and HMDA, and to confirm the legality of construction activities on the site.
Consulting Legal Professionals
Engaging with a qualified legal expert before finalizing a property deal is another core recommendation. Buyers should ensure that sale agreements, sale deeds, and other legal documents are vetted to avoid any potential land disputes or procedural violations that may emerge later.
Avoiding Black Money Transactions
The association warns against cash transactions or any under-the-table payments, which constitute violations of the law and can result in severe penalties under Income Tax and anti-corruption statutes. All payments should be made through documented and legal banking channels to ensure financial transparency and security.
Encouraging Responsible Investment
With Hyderabad becoming a major hub for residential investments due to its infrastructure development and IT growth, HYDRAA’s guidance comes as a timely reminder for both first-time homebuyers and seasoned investors to act with due diligence and informed caution.
By following these guidelines, homebuyers can significantly reduce risks and contribute to a more transparent and secure real estate ecosystem in Hyderabad.
