As the country is witnessing soaring heights in real estate within a short span the projects are coming in fleets. At times, the projects get prolonged due to insufficient funds which have been a problem for years now. To bring in a solution, the government has taken a step to prevent such things in future and also block the loopholes in the realty market. Here are the benefits RERA and MahaRERA have established.

In order to enhance investing methods in the market and to safeguard investors RERA “Real Estate (Regulation and Development) Act, 2016” was declared by the centre which has enabled real estate ventures in all the states and territory to be kept under surveillance by the concerned officials.

Besides this, real estate has been a game player in the cities and one such is Mumbai. So the Maharashtra state has made RERA to pass for a better functioning of the realty markets under the name MahaRERA “(Maharashtra Real Estate Regulatory Authority)”.

MahaRERA Rules

Any property which is 500 Sq. meters or 8 units and more has to be registered under this. As of ongoing ventures in the state it has given a period of 90 days to all real estate firms in Mumbai and other metropolis to be registered under MahaRERA. Further, the realty firms must ensure to give information on their previous and other projects regularly through the MahaRERA website. This will help buyers to have a clear picture of the project they choose to invest in. When the companies register under this scheme it will term up to 5 years.

Transparency

Clients who had been hassled by incompletion of projects need not worry now as every project constructing will have enough funds after MahaRERA. To confirm this, they can visit the website where all the details of plans, layouts and approvals and the recent updates will be present. This develops a friendly-relationship between buyers and sellers for a longer run.

All properties through this will be handed over within the promised time frame which will give a sigh of relief to the buyers. If there is any defect in the construction then MahaRERA assures to file charges and make sure to clear the defects and gives you a guarantee of 5 years on the venture. All documentations can be done through e-registration as the procedures are simplified so that it can be done with ease and within time.

When it comes to NRI investors they always have an eye on the projects in the country especially in a city like Mumbai as the properties here are worth an investment. The other major fact is that the properties invested make sure to give double returns when thought of resale. This has helped MahaRERA to boost itself to create a friendly environment and system while buying. This new rule will be a great change and boon for real estate market for a developing country like India. So, to have a serene and secured living in Mumbai and other cities in Maharashtra register with MahaRERA today!

Author's Bio: 

I am writing for Indiaproperty.com. IndiaProperty is India's No.1 property portal. It is best source for all your property search and queries.