The Indian parliament passed the Real Estate (Regulation and Development) Act in 2016, purposefully designed to supervise and oversee the Indian real estate industry. A major provision of this act mandates each state to set up a Real Estate Regulatory Authority (RERA).
The main objective of establishing state-wise RERAs is to safeguard the interests of homebuyers. Every state and union territory needs to implement its own RERA that governs the state’s real estate sector. Similarly, Maharashtra’s RERA is known as the MahaRERA.
Here are some things you need to know about MahaRERA.
What is MahaRERA?
Maharashtra was the first state to implement the RERA Act and establish the Maharashtra Real Estate Regulatory Authority (MahaRERA).
The regulatory body mandates the developers and builders to register their upcoming or ongoing projects – commercial or residential – on its website.
Builders are not allowed to sell, book, or advertise any property without registration. There are strict penalties if someone violates the rules.
If you plan to get a home loan for a particular project, you can visit the MahaRERA website. And know the credibility of brokers, expected date of possession, etc., to make an informed decision.
Benefits of MahaRERA
- A centralised platform: MahaRERA’s web portal offers different facilities that cater to the needs of citizens, real estate agents, and promoters. The users can file complaints on the portal and seek compensation. Promoters can also register their projects and update provision for each project quarterly.
- Increased transparency: You, as a buyer, can sign up on the MahaRERA website and have online access to complete details on registered projects. For instance, say you fulfilled the required home loan eligibility criteria to take a loan and invested the money in a residential property under construction.
Then, you have the right to view the complete information about your chosen project, get intimation about delays and question every step involved in the development of the said project.
- More trust: You can now confidently buy property, as every bit of information is available for free.
- Buyer-friendly: MahaRERA aims to bring down mis-selling and project delays by facilitating fair and transparent transactions between the buyers and sellers of the properties. In case of delays, if the buyers want to withdraw from the project, builders have to compensate by refunding them.
To sum up
MahaRERA has set forth a great example for other states’ RERAs with its user-friendly website, speedy redressals, and effective enforcement of rules and regulations.
Through the MahaRERA website, you can check the completion status of your chosen project, so it’s easier to decide when to apply for a home loan. Speaking of which, a home loan EMI calculator can make this decision much easier as you can estimate your home loan EMI payouts in advance and define a proper budget.