The launch of the Maharashtra Real Estate Regulatory Authority Act, also known as the MahaRERA Act, in March 2017 has brought in transparency between buyer and the real estate developers. According to this act, every real estate agent has to register with a regulator as specified in it for any point of business or sales.
The act was launched in an attempt to protect a consumer’s trust in the real estate market. The MahaRERA act has ensured that you, as a consumer, can gather proper information on the property you wish to purchase. Given below are some points on how this act is essential for the real estate market.
How MahaRERA affects the real estate market of Maharashtra
Builder Information
The regulator holds details of the builders and their on-going projects, the performance of their projects, any legal accusations, education, etc. Such information made available by the MahaRERA act ensures that you get proper details about your builder so that there is no hint of mistrust before you make any purchase decision.
Project Information
According to this act, every real estate project agent has to register them with the regulator to carry on with his projects and sales. Thus this regulator has proper information on the on-going projects of a builder. You can visit the official website of MahaRERA and gather information on the project, amenities of the project, availability of parking space and other facilities.
Comparison
With the help of the official website of this regulator, you can compare between builders, their projects and the charges that they offer. Proper comparison will assist you in deciding on the loan amount if you are availing one. However, if you belong to the economically weaker sections, lower-income group and mid-income group individuals you can consider availing a home loan subsidy under the PMAY CLSS to enjoy credits at subsidised lower interest rates.
Complaints
If you know about RERA Act in Maharashtra, then you would know that the regulator also allows you to lodge a complaint. Through their official website, you can file complaints regarding your property, your builder or any other issues related to the purchase of your property. Through the help of their website you can also read reviews and complaints of other consumers, which would help you in taking appropriate purchase decisions.
Project Deadlines
This regulator keeps adequate records on a project start date and its completion deadline. Having proper information on the completion deadline will help you analyse the date on which the property can be handed over to you. This piece of information can assist you in arranging for the required funds accordingly. However, if you do not hold adequate finance, then you can avail credits like a home loan to fund your purchase.
Several financial institutions and NBFCs provide credits such as home loans at attractive interest rates. Bajaj Finserv is such an NBFC that offers Home Loans under the benefits of Pradhan Mantri Awas Yojana scheme. They offer such loans along with multiple feature and benefits to make repayment easier.
You can visit the official website of your lender and fill up an application form to avail such loans. To fill an application form, you will have to share some details like your name, contact details, residence details, employer details, your annual income, etc. Also, there are some basic eligibility criteria and documentation that you have to fulfil to be eligible for such loans.
However, any agent failing to register them with MahaRERA will be considered as illegal and can face legal difficulties with their projects down the line. Thus, it is a mandate of agents to attain a registration number after getting them registered. Also, builders should mention their registration number on every project to avoid further problems. This act maintains a consumer’s interest in the real estate market and also ensures that every individual receives the best possible set of services.