In today’s world, buying a property is a dream for everyone. In such a case, it is very important that you should buy your property from a trustworthy project. But the question arises whom to trust when you buy a property? To help solve your query, the government introduced MahaRERA in 2016.
MahaRERA is Maharashtra’s Real Estate Regulatory Authority (RERA). This new authority has many requirements. One of them requires developers to update the status construction progress and sales progress of their projects that are under construction on a quarterly basis. This public information available on the MahaRERA Website, allows buyers to see how a project is actually progressing overtime.
MahaRERA gives you a complete project status. It gives you the details of the construction work done till a particular date, extent of development pending, any delay in the project along with reasons, and expected completion date. Last but not the least, it also covers all the vendor details including architects, structural engineers, and contractors, etc.
Now that you know a little bit more about how MahaRERA benefits you as a buyer, let’s see how you can use this information to your advantage. To start with, we do not recommend buying a property which is not RERA registered. The main purpose of RERA’s existence is to protect homebuyers interest while buying a property. If you buy a property that is not registered with RERA you run the risk of losing all of the protections RERA provides to homebuyers.
Finalising the location of your new home is one of the first steps in a homebuyer’s journey. Once the location is decided, the next step is to shortlist the projects. The Real Estate Regulatory Authority’s website (MahaRERA) can help you with this. You can always cross-verify the details your builder provides you. MahaRERA website is the best place to grab the information of the project you are planning to invest in.
It is mandatory for agents to register with the authority under RERA. Check for the real estate agents on the website who are authorised to deal in particular projects.
With all the norms in place, real estate developers are now more accountable. All you need to do is to invest some time on the regulatory website before taking the final decision while investing in any property.