What is MahaRERA and Why Is It Important Factor in Real Estate?
A specific public body in a major state regulates the real estate industry. Real estate is any property that can be bought and sold as an investment, such as an apartment, plot, government land, or a home. Real estate regulations include taxes, recording information about each transaction, and inspection standards.
What is MahaRERA?
The Maharashtra state government has established a state body, the Maharashtra Real Estate Regulatory Authority (MahaRERA) to regulate the real estate sector in Maharashtra.
What is the MahaRERA number?
The government body MahaRERA assigns a specific 12 digit number to the specific project which is unique and defines the project as a MahaRERA complaint.
Why Developers Need MahaRERA number?
Developers need MahaRERA because by law without MahaRERA registration real estate developers are not permitted to advertise, book or sell any real estate property.
How RERA will benefit buyers?
The main intention of the RERA act is to provide relief to the property buyers from any kind of malpractices or unfair builders or real estate agents. RERA specifies certain norms, acts, and regulations for the development of buildings. These norms enhance the transparency in transactions in the real estate sector. When the RERA act came into action in 2017 it has shown a direct impact on the property prices of the home, land, apartments, and also the home loan interest rates. MahaRERA is a buyer-friendly guide for the Realtor to keep the procedure transparent.
Why RERA is an important factor to look after while buying a new property?
RERA’s main purpose is to create a more transparent environment for property buyers, by increasing the accountability of builders.
The RERA is useful for the consumer as well as for the builder. With the help of RERA, the builder can generate a trust factor for their clients which eventually helps them buying property. Because the property is a huge investment and trust part is the crucial factor while buying property.
MahaRERA Takes Care of the following required things to Keep the procedure Transparent:
- MahaRERA gets the real estate projects and agents registered with the MahaRERA act.
- Usher in crystal clear transparency in the sale of flats, plots, and buildings.
- Maintain transparency for customers, allottees, real estate agents, and promoters who are involved in the transactions.
- Facilitate dispute resolution with a proper dispute settlement method.
- Provide recommendations to the appropriate government authorities in matters related to the development and promotion of real estate.
What does it mean by RERA compliant project?
The project that strictly adheres to the RERA acts, rules, and regulations is called RERA compliant project. When the project is RERA compliant you do not need to worry about the quality of the building construction.
Is Rera Registered Project Safe?
Yes, it is completely safe. When you invest in a project which is registered with RERA, your rights are always protected as a buyer. The builder under the RERA act has to disclose every detail about the project – like the total number of units, the exact carpet area of each unit, floor plan, etc.
How do I check whether the property is MahaRERA registered or not?
You can cross-check the property MahaRERA registration number on this website –https://maharerait.mahaonline.gov.in/searchlist/search
and check whether it is MahaRERA registered or not. You can also check with the other important details about the property.
How do I file a complaint with MahaRERA?
You can file your complaint against any registered projects or agents across the State if you feel the RERA act is violated by them.
While filing a complaint, you need to first register as a new user on the MahaRERA website. Then will need to fill up a form with the correct information to file a complaint. In Maharashtra, You will need to pay a fee of Rs 5,000 for filing a complaint about RERA. Also, you will have a facility to make payments using NEFT or RTGS system.
Which authority can entertain Real Estate Project complaints?
Any aggrieved person being a buyer or real estate agent or builder may file a complaint with State RERA authority for any kind of violation or contravention of the RERA Act or RERA Rules.
MahaRERA REGISTRATION PROCESS
You will need to follow these steps to register on MahaRERA website:
- Go to the website – https://maharerait.mahaonline.gov.in/
- You will see, the New Registration link under the Login button that you need to click
- You will need to select your user type in the new window that opens.
- Real estate agent
- Fill up the information with required details
- Complete the procedure of your email ID verification, so that you can log in to your account afterward safely.
- Submit the documents required based on your selection.
What are MahaRERA acts for Delayed Possession?
Delays in the completion of projects are handled stringently by MahaRERA. In case of delay in project completion, if the buyers do not wish to withdraw from the project, the builders are required to compensate the buyers by way of refunding the buyers money along with interest at the stipulated rate for every month of delay till the developer’s hands over the property to the allottee.
Does MahaRERA have its own Website?
Yes, MahaRERA has its own official website which is very user-friendly and the website URL is – https://maharerait.mahaonline.gov.in This website has detailed and easy-to-understand information on projects which have been registered with the MahaRERA. It facilitates homebuyers and property investors to be better understand the projects that they are interested in. Users can find information related to the expected date of possession, the credibility of brokers, etc. Most importantly, now that home buyers know when the project is going to get completed, they can easily decide when exactly they need to apply for a home loan.
RERA provides the greatest benefit that customers have is the reinforced trust in the real estate sector. This has led to greater confidence among property buyers and investors.