As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
a. The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) (RERA) Act, 2016 mandates the registration of an agreement for sale of an immovable property.
b. By registering the agreement for sale of an immovable property, it becomes a permanent public record. This secures the properties title for the owner against all others.
c. A person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
d. V. K. Lalco Group, requires all agreements to be registered and includes the registration cost in its Box Price presented to purchasers so there is no confusion or hidden charge.
e. Buyers of 1 BHK flats for sale in Mumbai must be protected, whether they are buying at V. K. Lalco Group’s VKLAL Vishnu Phase I which is an under construction project in Mumbai that is nearing completion and offers 1 BHK flats in Dahisar or VKLAL Hari Phase I which offers 1 BHK flats in Borivali, or any other project across Mumbai, the City of Dreams.
a. The first thing to check when reviewing an under construction project in Mumbai is to see whether the project is registered under MahaRERA. MahaRERA governs every new project that is being developed and sold in Maharashtra.
i. All builders are required to update their MahaRERA information on a quarterly basis.
ii. This information includes details like the following:
1. A standard contract the builder must sign with purchasers that abides by the rules set forth by the RERA Act.
2. Any complaints from third parties including other buyers
3. Any legal issues related to the plot
4. The number of sales completed
5. The percentage of completion of construction work
b. If a builder is registered, the next thing to check is whether the builder is updating their listing on MahaRERA
i. Remember builders are required to provide updates at least every 3 months, so if a builder is not updating RERA on a regular basis, that could be a problem
c. Good builders in Mumbai like V. K. Lalco Group updates MahaRERA regularly with all of the most up to date and proper information.
i. V. K. Lalco Group currently has 2 projects listed on MahaRERA
1. VKLAL HARI PHASE I
a. Under Construction 1 BHK flats for sale in Borivali
i. MahaRERA Number: P51800010657
2. VKLAL VISHNU PHASE I
a. Nearing Completion 1 BHK flats for sale in Dahisar
i. MahaRERA Number: P51800011626