The governing and regulatory authority that oversees real estate buying and selling in Maharashtra, the Maharashtra Real Estate Regulatory Authority (MahaRERA) ensures real estate transactions are kept real and transparent for both parties, buyers, and real estate developers.
With the big boom in the real estate industry, the Regulation and Development Act of 2016 came into being. It ensures fair play for real estate developers and offers security and fairness for property buyers. Most Indian states have their own RERA board to oversee the real estate sector including the state of Maharashtra. However, Maharashtra is one of the first states to implement RERA. Every residential and commercial project, whether they are affordable homes in Thane or luxury homes in Thane must be registered under MahaRERA by the real estate developer in Thane and Mumbai
The Major Benefits of MahaRERA
MahaRERA ensures transparency and ensures that every developer registers with the authority. This registration needs developers to provide all the relevant information about the project, including land titles, project plans, approvals, timelines, and various financial aspects. This transparency provides the buyers with reliable information before they make any real estate purchase.
Proper Calculation of Carpet Area
MahaRERA has a proper standardization method for calculating the residential units’ carpet area. Not only does it offer a uniform consistency across different projects, but also ensures that the buyers can compare various properties effectively, providing greater clarity regarding the actual usable carpet area.
Provides a Timely Completion of Projects
The chief benefit that MahaRERA offers is that it ensures proper project completion. Developers need to complete projects in due time and avoid delays. This ensures that buyers get possession of their homes as per the schedule. If there is a delay by the developers in completing the project, the need to pay a penalty.
Buyer’s Interest Comes First
MahaRERA provides a platform that allows the buyer a chance to come up with their grievances. Buyers can seek help from MahaRERA in certain cases such as unfair practices, project delays, any plan aberrations, and other issues. MahaRERA can intervene and resolve issues with immediate effect protecting buyer’s interests.
A Separate Escrow Account
MahaRERA has a separate escrow account for each development project. All the buyer’s funds get deposited in this account for future utilization. This acts as a contingency fund to safeguard the buyer’s interest and ensure the funds are directed in the proper direction.
MahaRERA promotes fair practices in the real estate sector and ensures greater compliance with the regulations. Their mandate of protecting buyer’s interests by addressing their grievances. It creates a trustworthy environment for buyers and has revolutionized the whole process of buying and selling in the real estate business. This strengthens the trust factor between developers and buyers.
Regulates Real Estate Agent Conduct
MahaRERA also keeps a close tab on the regulation of real estate agents working in Maharashtra. Agents not only have to register with MahaRERA but also comply with authority-endorsed rules and regulations. It ensures that the real estate agent maintains proper conduct always catering to the buyer’s best interests.
A buyer thinking of buying 2 BHK luxury homes in Thane or Mumbai will seek solace from the fact that the Maha-RERA Act ensures greater transparency in the real estate business. There is a lesser chance of them being duped and treated wrongfully by real estate developers.