MahaRERA

What Is The Importance Of MahaRERA For The Real Estate Sector In Maharashtra?

Mumbai currently holds the largest property market across India. Its real estate industry received further boost with the introduction of MahaRERA

While this Act was introduced to ensure the financial safety of potential homebuyers, it also brought with it multiple benefits for real estate agents –

For Prospective Home Buyers

  • Transparency regarding a project in question – Under the RERA Act in Maharashtra, a prospective house owner is kept well informed about the existing status of house construction, etc. 
  • Standardised carpet area – Under the Maharashtra Real Estate Regulation and Development Act (RERA full form), carpet area of properties have been standardised. It ensures zero chances of disparity in pricing of properties. 
  • Reduced advance – Prospective house owners need not pay more than 10% of their property’s market value as an advance. As for the other half of the funding to purchase a residential space, individuals can opt for home loans from reputed NBFCs that offer with convenient access to up to Rs. 3.5 Crore. 

For Real Estate Agents

  • Singular sale model – The sale agreement model is uniform for all real estate deals. 
  • Added professional edge – MahaRERA brings in accountability into this industry and hence transparency. With RERA registered properties, its demand is expected to increase manifold.

Such aspects of the MahaRERA make it an important inclusion in the realty sector is one of the most important economic hub spots across India.

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