With a regulator for real estate transactions in India, the confidence of a buyer for investing has gone up tremendously.
Posted October 10,2019 in Live Style.
With a regulator for real estate transactions in India, the confidence of a buyer for investing has gone up tremendously. It has been a couple of years since the Central Government enacted the model law about real estate transactions. Each state has begun the work on carving out state-specific rules and an act of its own under the RERA umbrella. Such work is still in progress in most States. But Maharashtra’s version of RERA, called the MahaRERA is a pioneer model and is making heads turn. It has set an example for other states to follow. So the next time you set out looking for Apartments in Goregaon West make sure it is registered with MahaRERA.
What are RERA and MahaRERA?
As per the Real Estate (Regulations and Development) Act 2016, all Indian states are bound to establish a regulatory authority that would deal with any issues arising from real estate market transactions. Such an act in Maharashtra is called the MahaRERA (Maharashtra Real estate Regulatory Authority) and came into effect from May 1, 2017. As per the act, it is mandatory for all new and on-going real estate projects (commercial and residential) to be registered with the real estate regulator. No developer or promoter can sell, book or advertise their projects unless they register and are compliant with norms laid down by MahaRERA.
What makes it so important?
The purpose of establishing a real estate regulator was to ensure accountability towards property buyers. It protects their interests, ensures transparency in transactions, reduces any delays in project hand-over, and addresses any disputes arising in the real estate sector on a fast track basis. All this ensures boosting investor confidence in the real estate market.
With MahaRERA in force, an individual who intends to buy a property in Maharashtra can view projects online, get access to the current status of the development and their expected date of completion. For instance, if you are looking for a 4 bhk in Goregaon and you decide to check out Stella by the prestigious Chandak group, thanks to the MahaRERA act, you can now get all the information like project type (residential or commercial), status of the project (on-going or completed), expected date of completion, if the project is subject to any litigation, address of the project, FSI details, proposed and sanctioned buildings and the number of flats booked till date. Even the registrations process and fee payment process is online. The website also has information on complaints registering and their resolution.
Why should I as investor care?
The RERA was formed with the buyer’s interest at the forefront. When buying a property in Maharashtra, with the MahaRERA in force, as in investor you have access to all the information you would need to make an informed decision. Furthermore, the Maharashtra regulatory authority uploads details about all the registered projects, all over the State on an online map. This helps the prospective buyers to view all existing projects, even those under construction, and scrutinize the amenities they offer, even before actually having to visit the site. No sort of monetary fraud-related issues can occur as the MahaRERA has laid down stringent guidelines like
• No developer can accept more than 10 % of the cost in advance payment from a buyer unless a sale agreement is registered.
• The promoters would have to pay interest to the buyer for every month of delay of the project.
• The buyers too are expected to make timely payments.
The bottom line
With MahaRERA in force, a regulated real estate market proves to be a win-win for all. So now is the perfect time for an ordinary man to fulfill his dream of owning a house in the city of dreams -MUMBAI!!
Goregaon is one of the most sought-after suburbs in Mumbai and has witnessed mammoth commercialization in the past 2 decades. It offers excellent connectivity and you can reach Mumbai’s prime locations within minutes of a hassle-free commute. It offers its residents a whole lot of social amenities too, thus making apartments in Goregaon West an ideal location for your dream home.
So wait not, look out for 4 bhk in Goregaon, and make it your new home.
Today, an owner of a 2 BHK Flat in Goregaon West has it all - plush shopping malls, top-notch entertainment avenues, good educational institutions, first-rate healthcare, and delicious food outlets! Without a doubt, life in Goregaon (W) in Mumbai exemplifies convenience.
So, Looking for a 3 BHK Flats Sor sale in Goregaon West? Your search ends at Stella from the Chandak camp! These are one of the most promising 2 bhk flat in Goregaon West. The possession is expected by March 2021. It offers all the required amenities that a family is looking for to be able to lead a comfortable life.
So wait no more, with the MahaRERA to protect your interests, this is the perfect time to own apartments in Goregaon West, one of the most promising suburbs of Mumbai.