Real Estate (Regulation and Development) Act 2016 aims to protect home-buyers and boost investments in the real estate sector. Under this Act, each state is entitled to have a RERA authoritative body that oversees and regulates the real estate sector in that specific state. One of the primary objectives of the organisation is to initiate quick resolutions of disputes related to the real estate sector.
Against the backdrop of a growing economy, Maharashtra continues to hold a considerable share in the real estate sector. Under the circumstances of rapid urbanisation, MahaRERA or Maharashtra’s RERA was a well-timed move. 2018 alone saw the launch of 3000 real estate projects in the Mumbai Metropolitan Region (MMR) with –
- 48% of them being in the affordable segments
- 34% in premium segments
- 18% in mid-segments
This state’s leading place in the economic front along with its contribution of 14.89% to the nation’s GDP - all contribute simultaneously to the rising demand for real estate. While the state evolves into a financial hub across its urban and sub-urban demographics, the need for norms to streamline the purchase of real estate increases. All underlying inherent issues are well tackled by the MahaRERA Act. This Act, however, does not only cater to the real estate requirements of Maharashtra but also looks into the functioning of real estate registrations in Daman & Diu, and Dadra & Nagar Haveli.
A) Objectives of MahaRERA Act
At present Maharashtra’s RERA has 34,500 projects registered under it, out of which only 20,000 have been approved till date, while the number of registered agents has already touched the 19,000 mark. The objectives of this Act includes –
- Transparent and efficient sale of apartment, plot, or buildings
- Protection of customer’s interest
- Formation of Appellate Tribunal that would announce and hear orders, decisions and directions of RERA
- Assist in the quick settlement of disputes via establishment of various settling methods
B) How to Register?
While Maharashtra continues to receive a wide boost in its real estate sector, it was one of the first states to adapt to this Act. Here is how one can register for it -
Step 1: Click on ‘New Registration’ on the official page of MahaRERA - https://maharerait.mahaonline.gov.in/.
Step 2: Select your user type (citizen/ promoter/real estate agent.)
Step 3: Provide required details based on the user type provided.
Step 4: Verify the email ID provided, and you can now log on to your account.
C) Why Should you Register?
Registering for Maharashtra RERA Act ensures that individuals gain these following benefits –
- It provides flexibility to promoters so that they have the convenience to choose the date of delivery of a project as per their convenience.
- It assures authentication to brokers and promoters that lead to an increased visit from potential buyers in the future.
- This Act creates individual Escrow accounts for borrowers that help improve the transparency of real estate transactions and hence prevents insolvency during disputes.
- It brings in a sense of professionalism in the real estate sector and thus, creates multiple opportunities for people to join it.
Thus, in case you are planning to purchase a property for residential or commercial purposes, it is mandatory that you look out for projects with RERA registration. Once you settle for a RERA registered property, all that you need to do is know how to get a home loan. With the available funding, you can now purchase a property sans any stress on your budget.
Prospective buyers can consider reputed lenders like Bajaj Finserv and avail their Home Loans that comes with multiple lucrative features –
- Easy balance transfer facility
- Attractive rate of interest
- Property dossier
- A flexible tenor ranging up to 240 months
- Online loan account management via a digital customer portal
- High-value top-up loans over the current housing loan
- Zero charges on part prepayment and foreclosure
Such advances are in complete compliance with Pradhan Mantri Awas Yojana (PMAY), and hence EMIs get further affordable. Borrowers can save up to Rs. 2.67 Lakh on the interest paid on credits. One can enjoy the beneficial features offered by these advances by meeting a few eligibility criteria and furnishing a few documents.
This reputed lender also brings you pre-approved offers on several financial products that include both secured advances like home loans, and unsecured advances like personal loans, business loans, etc. These offers ease the application process to avail such financial assistance. You can take a look at your pre-approved offer by providing details like your name and contact number.
D) Required Documents
Keeping in mind the convenience of applicants, the MahaRERA application process is convenient and hassle-free. Promoters registering for this Act need to furnish these documents –
- PAN card
- Name, address, photograph and contact number.
Thus, in case you are looking to purchase a commercial or residential space in Maharashtra, make sure that you know about the RERA Act in Maharashtra. Opt for plots registered under this Act and benefit from a hassle-free property transaction.