As per the Real Estate Act 2016, every developers and builder must follow certain guidelines and rules in favour of the home buyers. This has been done to protect the interests of the buyers and also to boost the real estate sector.
Under the RERA act different states has to follow the policies regarding the real estate projects. One such state is Maharashtra and their policies are termed as the MahaRERA. It has been created to quickly solve any disputes and provide information to real estate buyers.
As of now, the MahaRERA has about 34,500 projects registered and 20,000 projects have been approved till date. This act has the following objectives:
- Provide information on the transparent sale of plot, building or flats.
- Protecting the buyer’s interest.
- Formation of a board that would solve legal disputes.
Why One Must Be A Registered Member?
With registration this act would ensure:
- Flexibility to the promoters and builders. They will be able to choose the date for the delivery of a project.
- It will authenticate the entire procedure and will enhance publicity so that potential home buyers can visit and get information about projects.
- Increases the level of transparency in terms of transactions and other legal matters between buyers and realtors.
- The whole real estate business gets a professional appearance with no hassles at all.
So, people who are planning to buy properties in future in Maharashtra must be a member of this MahaRERA act and visit the official website for the registration. That way anyone can settle for a RERA approved property.
Additional read: How Does MahaRERA Focus On Real Estate Projects in Maharashtra?