Navigating the real estate market in Maharashtra has become significantly more reassuring for homebuyers, thanks to the Maharashtra Real Estate Regulatory Authority (MahaRERA) implementation. MahaRERA offers numerous advantages that protect and empower homebuyers, ensuring their investments are secure and well-regulated. In this blog we explore the benefits of MahaRERA for homebuyers in Maharashtra, highlighting how it has transformed the real estate landscape in favor of the consumer.
Transparency in Dealings:
As a premier governing body for the real estate sector in India, MahaRERA encourages complete transparency on the part of the developer towards homebuyers and investors. RERA requires all developers to disclose all relevant information about their project such as project plan, land acquisition, and many other crucial information that will help the consumer and also how the benefits of transparency will help the builder in the long run.
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Right to Information
RERA has empowered buyers with the right to information (RTI) to know every crucial information about the project. Easy access to projects will give an impetus to housing demand in projects by well-established builders and will eliminate malpractices prevalent in the real estate sector.
Accountability
Before RERA homebuyers were not aware of where the funds that they had deposited with the builder were being used. As a result, there were large-scale discrepancies in the management of funds. RERA has imposed strict regulations that any builder was found guilty of misuse of his consumer’s funds then he would be liable to a penal action of imprisonment of three years in addition to a financial penalty.
Protection of Homebuyers
RERA will ensure the timely delivery of projects and this comes as a big relief to homebuyers and investors. RERA has also ensured that the builders will maintain transparency, answerability, and timely reporting to the buyers about the project’s progress.
Eliminating False Advertising
MahaRERA has identified more than 600 projects in Mumbai and Pune that do not have an RERA number displayed on their project hoardings and have declared them illegal. RERA ensures that all projects must get an RERA number before it is displayed as a part of their marketing campaign
Standardized Carpet Areas
Standardized carpet areas were not implemented but RERA became fully functional and imposed strict measures. RERA has standardized a nationwide measurement of carpet area on which real estate developers can sell properties.
Advance Payments
Another benefit of this act for the buyers is that the builder cannot take more than 10% of the apartment’s cost as advance payment before the completion of the project.
Grievance Redressal
Expediting Grievance Redressal. RERA has established a specialized grievance redressal mechanism to address the issues of homebuyers. Any complaint concerning the builder can be filed to the state-level regulatory body established under RERA. If the buyer, the promoter, or the agent has any complaints concerning the project, they can file a complaint with RERA.
No More Project Delays
Under RERA, flat possession for buyers is of significant importance. A lot of real estate players have delayed the possession of their consumer’s apartments. RERA now ensures its consumers that there will be no more project delays as it will be liable for penalties if the builder fails to deliver on time.
Penalty on Payment Defaulters
The RERA act penalizes the buyer for delayed installments, maintaining regularity from both ends. If the buyer causes delays in the payment of installments then he is liable to be penalized
MahaRERA has undeniably revolutionized the real estate market in Maharashtra, offering homebuyers a sense of security and confidence. By enforcing stringent regulations, promoting transparency, and ensuring timely project completions, MahaRERA has addressed many long-standing issues homebuyers face. These benefits underscore the positive impact of MahaRERA, fostering a more trustworthy and efficient real estate environment. As a result, homebuyers in Maharashtra can now make informed decisions, knowing their rights are protected and their investments are secure. Embracing MahaRERA’s guidelines ultimately paves the way for a more robust and reliable real estate market.
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Navigating the real estate market in Maharashtra has become significantly more reassuring for homebuyers, thanks to the Maharashtra Real Estate Regulatory Authority (MahaRERA) implementation.