RERA Check: Is Aarize The Tessoro a Safe Commercial Investment? Compliance, Mortgages & Timeline
Introduction: A Fact-Based Look at a Landmark Project
Aarize The Tessoro is an uber-luxury mall project located in the strategic commercial hub of Sector 114, Gurugram. For any seasoned investor, the first step beyond evaluating location and design is a rigorous check of its regulatory foundation. The purpose of this analysis is to cut through the marketing gloss and provide a rigorous, fact-based assessment of the project’s structural safety as an investment, based exclusively on the legally binding mandates within its HARERA documentation.
1. The Foundation of Trust: Full RERA Compliance & Timeline
RERA registration is the first and most critical checkpoint for any real estate investment. It is not merely a formality but a legal and regulatory safeguard that provides a framework of accountability for developers and protection for buyers. A valid RERA registration confirms that the project has met the preliminary legal requirements to be offered for sale.
Project RERA Registration Details
The official HARERA registration certificate for Aarize The Tessoro confirms the following key details, providing a transparent and verifiable foundation for investors.
• Project Name: Aarize The Tessoro, a Commercial Colony Project.
• Developer: M/s Aarize Realtech LLP.
• Official RERA Number: RC/REP/HARERA/GGM/875/607/2024/102.
• Registration Date: 07.10.2024.
• Registration Validity: The registration is valid from 07th October 2024 until 28th February 2029.
Commitment to Timely Possession
As per the official RERA registration, the declared project completion and possession date is February 28, 2029. In commercial real estate, where timelines directly impact an investor’s return-on-investment calculations and a tenant’s business launch plans, a legally binding completion date is a non-negotiable asset. This is not a speculative or suggested timeline. Under RERA regulations, the developer is legally bound to meet this deadline. Failure to do so would subject the developer to penalties, providing a significant layer of security for an investor’s capital and protecting against indefinite delays.
2. Financial Safety: Price Inclusion and Fund Mandates
Financial security is a paramount concern for any investor. RERA addresses this by mandating specific rules for pricing transparency and the management of funds collected from buyers. These regulations are designed to prevent hidden costs and ensure that investor capital is used for its intended purpose—the project’s construction and completion.
Transparent Pricing: What Your Investment Includes
The HARERA certificate for Aarize The Tessoro specifies that the “Total Price” for a unit is all-inclusive. This transparency is crucial for accurate financial planning and eliminates the risk of unexpected charges closer to possession. The total price includes:
• The booking amount.
• All applicable taxes, including GST and Cess, up to the date of handing over the possession.
Furthermore, the Advance Payment Rule, as mandated by Section 13(1) of the RERA Act and stipulated in the project’s registration conditions, provides another layer of protection. The developer cannot accept more than 10% of the property’s total cost as an advance payment or application fee without first executing a written and registered “agreement for sale” with the buyer.
Protecting Your Capital: The 70% Fund Mandate
To ensure investor funds are not diverted, RERA mandates that 70% of all payments be deposited into a dedicated escrow account. For this project, the official RERA-mandated account is:
• Bank: ICICI Bank Ltd.
• Account Number: 777705052029
These funds can only be withdrawn to cover land and construction costs for the Aarize The Tessoro project itself, providing investors with direct assurance that their capital is being used as intended.
3. Due Diligence Alert: Mortgages and Investment Assurances
A prudent investor must look beyond the brochure to the balance sheet. Complete transparency requires a clear-eyed view of all financial encumbrances and a critical examination of how marketing promises, such as lease guarantees, stand up to regulatory scrutiny.
Disclosure of Mortgaged Units (Transparency First)
The developer has disclosed that a portion of the project’s area is mortgaged with the Department of Town and Country Planning (DTCP). The developer’s proactive disclosure of this mortgage, as required by RERA, allows investors to be aware of the exact encumbrances on the project from the outset. The specific units under mortgage are:
• Second Floor: Retail-205, Retail-206, Retail-207
• Third Floor: AUDI – 01, 02, 03, 04 & Multiplex Lobby
Crucially, the HARERA registration certificate includes a vital investor protection clause: the promoter is explicitly forbidden from creating any new third-party rights (such as selling or transferring these mortgaged units) without first obtaining a “defreeze order” from the DTCP and officially informing the RERA Authority.
Navigating Investment Guarantees (The RERA Clause)
The project is being marketed “With Lease Guarantee,” a common feature used to attract commercial property investors. However, investors must view such promises through the lens of regulatory compliance.
The HARERA registration certificate for Aarize The Tessoro contains a critical mandate on this matter: “There shall not be any subvention scheme/ assured returned scheme for the registered project without prior approval of the authority.”
Potential investors must perform their own due diligence. They must request documentation verifying the specific terms of any “Lease Guarantee” and confirm that the scheme has received the necessary prior approval from the RERA Authority, as required by law.
4. Long-Term Value: Architectural Quality and Certification
Beyond immediate regulatory compliance, the long-term value of a commercial asset is tied to its quality, sustainability, and design. The project’s certifications and the credentials of its consultants offer insight into the developer’s commitment to creating a high-value, durable property.
The GRIHA 4-Star Advantage (Sustainable Investment)
Aarize The Tessoro is a GRIHA 4-star pre-certified project. GRIHA (Green Rating for Integrated Habitat Assessment) is India’s national rating system for green buildings. For an investor, this pre-certification is a significant value-add. It signals a higher quality of construction and infrastructure, which can translate into lower long-term operational costs for tenants, making the property more attractive to premium corporate and retail clients. This can lead to stronger rental yields, lower vacancy rates, and enhanced asset value appreciation over time. The developer’s engagement of specialized consultants—including ACPL (Architecture), TPC (Structure), Udayan Chaudhari & Associates (MEP), and Roha (Landscape)—further indicates a commitment to high-quality execution.
Conclusion: A Secure Framework for a Luxury Investment
Our review of the official RERA documentation confirms that Aarize The Tessoro is structured within a secure and transparent regulatory framework. Key areas of concern—such as project timelines, management of funds, pricing transparency, and developer obligations—are clearly defined and legally binding. The proactive disclosure of mortgaged units and the clear RERA mandate on investment schemes further empower buyers to conduct thorough due diligence.
While RERA compliance provides a strong safety net, a savvy investor’s final step should be to demand documented proof of RERA approval for any ‘Lease Guarantee’ schemes before signing any agreement.