Everything You Need to Know About MahaRERA Act

We are experiencing a real estate boom in every part of the country. The Real Estate (Regulation and Development) Act came into effect in 2016. The main vision is to provide security and fairness to buyers. It applies to both residential and commercial properties.

If you are considering the purchase of a property in Mumbai, it is important to be aware of the MahaRERA Act. It came into effect in May 2017 and sets out rules and guidelines for the real estate sector.

The sole aim of the MahaRERA Act is to make Maharashtra the best place to invest in real estate. Its vision is to establish a robust, transparent, honest, and reliable regulatory environment.

In this article, we can see the MahaRERA Act in detail.

What exactly is the MahaRERA Act?

The Maharashtra Real Estate Regulatory Authority (MahaRERA) Act was put into effect on May 1, 2017. The Act establishes a regulatory authority to protect the interests of home buyers. It also establishes a mechanism for resolving disputes between buyers and developers.

It advocates for real estate investment and supports customer rights. This act eliminates the possibility of fraudulent real estate transactions.

Rules and Regulations

Every residential and commercial project must register with the MahaRERA Act to proceed.

It requires real estate developers to post quarterly reports on their active projects.

Services provided by MahaRERA

MahaRERA advances the interests of real estate promoters.

 It establishes a single point of contact for RERA clearances and approval checks.

Objectives of the MahaRERA Act

1. All parties involved in real estate must register under the MahaRERA Act.
2. There must be transparency in the sale of flats, plots, and buildings.
3. The main aim is to protect all parties involved in the transactions. That includes buyers, sellers, brokers, and promoters.
4. Promote the importance of resolving disputes.
5. Create a platform for dispute resolution that customers can appeal to.
6. Offer suggestions to relevant government officials on real estate growth and promotion issues.

The total number of registrations

Under the MahaRERA Act, there are 39,722 registered agents and 39,107 registered projects. Additionally, they have received 19,459 complaints to date. They have resolved 67% of them, which is an impressive effort.

Benefits of the MahaRERA Act for Buyers

The benefits of the MahaRERA Act, 2017, are as follows:

1. Complete transparency

The promoter must create a web page on MahaRERA‘s website after registering. The website must contain all the details about the promoters and their projects. With the aid of this technology, buyers may keep up with the status of the project.

2. Registration of real estate agents

Real estate agencies must register online with MahaRERA. This is to simplify the sale or buying of plots, buildings, or apartments. It ensures the accountability of real estate brokers and their registration.

3. Law and order

With the MahaRERA Act, they are no longer able to divert investor cash to other projects. A 10% down payment is the standard. Failure to follow the requirements will result in a fine and three years in prison.

4. Assurance of compensation to buyers

The buyers get compensated if there is any delay in a project. Buyers have two choices if a promoter fails to provide the specified terms:

1. Get a full refund of the amount they paid the promoter by cancelling the reservation for the project.
2. Until they give possession, the promoter must pay the buyer interest for the delay once a month.

5. Accountability of funds

It is a requirement that the developers deposit 70% of the funds received for a given project into a single account. They can only cover building or land costs with these funds. They must update the authorities in MahaRERA on the project’s development.

6. Bring up the carpeting area.

A space enclosed by an apartment’s or building’s interior walls is a “carpet area.” Earlier, the promoters used frequent influence, which is what determines a property’s price. As a result of the MahaRERA Act, promoters are now obligated to disclose the actual carpet area. This helps in the fair pricing of a property.

7. In case of a defect in the property

Within 5 years, any construction quality issues must be notified to the buyers. It is the promoter’s responsibility to fix these problems at no extra cost. The buyer has to get equal compensation if the promoter fails to address these problems.

How to register under the MahaRERA

• Enter “maharera.mahaonline.gov.in.” and open the MahaRERA website.
• First, click the “Login” button.
• Then you have to select the new registration option from the menu.
• Select the user type. It opens in a new window. The user-type choices are real estate agencies, promoters, and complainants.
• Write all the needed information in the respective fields.
• Verify your email address to gain access to your account.
• Finally, upload the required paperwork.

How do I search for projects in MahaRERA?

1. Click maharera.mahaonline.gov.in and enter your login details.
2. Then select the registered projects. It comes under the Registration tab dropdown.
3. It will take you to a new tab.
4. Enter the details in the search bar to see the project details you are looking for.
5. Once selected, you can see all the information related to the project.

How to search for expired projects in MahaRERA

Follow these steps to learn about the expired projects in Mumbai.

1. Enter the MahaRERA website at maharera.mahaonline.gov.in.
2. On the “Registration” page, select the link related to “Lapsed Projects.” You can see the details of expired projects in chronological order.

Conclusion

The MahaRERA Act website is the most friendly RERA website. With a single click, buyers can get information about everything. They also offer details on ongoing and recent projects so that the buyers can decide well.

Piramal Finance offers various housing loans with affordable EMIs and interest rates. You can also talk to their experts in real estate to know more about their MahaRERA projects.