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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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To save buyers from many problems associated with purchasing a house like delay in projects and hassles of dealing with builders, RERA or Real Estate Regulatory Authority was introduced in 2016. It improved coordination among buyers and builders and laid down some rules and regulations to protect the rights of buyers. Therefore, if you are planning to buy a house in Maharashtra, it is advisable to purchase it under MahaRERA.
What is MahaRERA?
RERA or Real Estate Regulator Authority came into effect on 1st May 2016. It aimed at streamlining the real estate sector and safeguarding the rights of homebuyers. Under the Real Estate (Regulation and Development) Act, 2016, every state was required to create a state regulatory body for the execution of the RERA. RERA in Maharashtra functions as MahaRERA.
How does MahaRERA protect the interest of homebuyers?
With MahaRERA, there is more transparency and accountability in the real estate sector. It made buyers get easy access to various details about upcoming projects like carpet area, amenities, track record of the developer, project completion date, quality of construction, common areas, etc., through the MahaRERA website. Also, under MahaRERA, homebuyers can claim a full refund of the advance amount paid for the home with compensation if the project is delayed. Moreover, as lenders have more trust in projects under MahaRERA, it is easier to get approval on home loan applications.
Purchasing a house under MahaRERA
To purchase a house under MahaRERA, you need to -
Benefits of buying a house through MahaRERA
You can easily find government registered housing agents
Every builder needs to be registered on RERA before they start a project. Therefore, the website of MahaRERA contains project details of approved builders. It is safer for you to buy a property with a MahaRERA registered builder.
You can find all the details in one place
On the MahaRERA website, you can find all information related to purchasing a property. It acts as a unified platform to find all details like planned projects, ongoing constructions, completion dates, government rules and regulations, etc.
You can know the carpet area and plan sanction details
With MahaRERA, you can be sure that the builder will not change the sanction plan and layout of the project without your knowledge. As per MahaRERA, builders cannot make modifications in the house plan or carpet area of the project without buyers’ permission. Also, you can be assured that the project would be sold on the carpet area, as defined and mandated by MahaRERA.
Buying a house is a dream that many harbour in their hearts. However, with the high real estate prices, sometimes it remains just a dream, lifelong. With the ease of purchasing a house under MahaRERA
, you can now fulfil this dream. Head over to Kotak Mahindra Bank’s website to apply for a home loan today.
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