Buying a property is a dream come true, be it for a family home or as an investment. These days real estate projects in Thane are becoming highly popular due to their proximity to the bustling city of Mumbai and widespread development.

However, buying a property without careful consideration can be a financial and legal; disaster. One of the most essential requirements is that the property should be registered with the state’s RERA authority.

The Real Estate Regulation and Development Act (RERA) is designed to protect the interests of homeowners in terms of quality compliance and other factors. Investing in an unregistered RERA property in Thane can have serious risks for buyers. Here we take a look at some of the consequences of purchasing an unregistered RERA property.

1. No Legal Protection

The RERA Act has clear guidelines for buyers and sellers which assist in resolution in case of a dispute. However, in the case of an unregistered property, the buyer will have minimal protection and may have to suffer the cost of a prolonged legal battle for any grievance.

2. Illegal Purchase

The RERA Act is also a legal necessity. Buying an unregistered property can be considered an illegal transaction endangering both the buyer and the seller. This is why it is crucial to always only opt for trusted real estate developers in Thane such as Ace Realty.

3. Lack of Quality Compliance

Properties need to meet certain minimum quality requirements to ensure their real estate project can withstand the test of time. However, with an unregistered RERA property, these compliances may not be adhered to making it a highly risky proposition.

4. Resale Difficulties

Owning a 2 BHK luxury home in Thane is a tremendous asset to build equity. However, if you buy an unregistered property, you may face plenty of difficulties in reselling as not many people would want to purchase such a risky option. This may cause you to incur heavy losses and have to sell at rates far below the market price.

5. Risk of Project Delays

One of the primary reasons RERA was introduced was to address the issue of project delays. Registered projects are required to adhere to strict timelines and disclose project details transparently. Unregistered projects may be riddles with significant delays, which can cause potential homeowners severe hassle and financial loss.

6. Home Loan Challenges

Banks and financial institutions are unlikely to provide loans for unregistered properties due to the associated risks. Even if a loan is approved, it may come with higher interest rates increasing your financial expense. On the other hand, reputed developers such as Ace Realty may be able to help you secure competitive loans due to their credibility in the real estate market.

Conclusion

Investing in an unregistered RERA property can lead to a host of legal and financial issues. The lack of regulatory guidelines and increased risk of project delays make it a high-risk investment. Further, due to the illegal nature of the transaction, you can find yourself in serious trouble with the law. To ensure your property can become a safe home for you and your family, always choose a RERA-registered property by a credible builder.