How RERA will benefit you as a buyer buying flats in Mumbai?
If you are searching for your desired flat in Mumbai, it is indeed a good time to buy a 1 BHK or 2 BHKproperty in Mumbai. The real estate property market in the past favored the builders heavily. But, the recently passed RERA act has brought a huge relief to the buyers making the process of buying flats in Mumbaisafe, secured and easier. While you are planning to buy a property in Mumbai, it would really benefit you to go through this blog.
Real estate market in Mumbai
The real estate market is one of the biggest sectors contributing to the economy and employment in Mumbai. It also influences many other sectors. Large-scale urbanization has led to the increase in demand for flats and apartments. Buyers are very interested in owning a property in Mumbai or renting a 1 BHK or 2 BHK property in Mumbai due to the ever-growing demand.
The issues that plagued the real estate
For long, the real estate was plagued because of the lack of regulatory authority to control or guide the builders, buyers, brokers and the promoters of ongoing or upcoming residential projects in Mumbai. The increasing number of complaints from buyers regarding various issues like fraudulent builders, advertisements promoting false information, the lack of clarity from the developer’s part regarding the status of the projects, completion time and delivery date of the projects was a growing concern. The buyers had no access to any information to check the credibility of these builders or any system to get justice on their part.
RERA in Maharashtra
It was high time to take some bold steps to reform the real estate sector and form standards and guidelines to govern buyer, seller and other stakeholders involved and RERA has definitely made this possible.
What is RERA?
RERA is the Real estate Regulation and Development Authority bill enacted by the Government of India and Maharashtra RERA or MahaRERA came into effect on May 1, 2017. The main aim of the RERA act is to bring more transparency and accountability to the largely disorganized real estate property sector in Maharashtra and give more power to the buyer.
How RERA benefits the buyer?
These are some of the points on How RERA will benefit you as a buyer buyingflats in Mumbai:-
·Reliable property information-RERA has ensured that only credible builders remain in the property market which will reduce any chances of cheating or fraud. The information regarding the promoters, advertisements, projects, financial details and the additional data of properties and track record is made available on RERA website.
·Quality projects and timely delivery-With strict regulations from RERA you would get timely delivery of your property in Mumbai . Any minor additions or changes to the property will be notified to the buyer and no changes could be done without the approval of a majority of buyers. Status of the ongoing projects will be regularly updated on the website. Defect liability is increased from 2 years to 5 years to the much relief of buyer.
·Complaint and Redressal mechanism-A tribunal are instructed to be formed to solve the complaints and grievances of buyers and sellers within 120 days. The upcoming residential projects in Mumbai only after registration will be permitted to advertise which will prevent false ads and promotions.
·Standards and Guidelines- The standard agreement has been prescribed in RERA addressing the buyer/seller concerns. There is a penalty of 10% of estimated cost of project or imprisonment for non-compliance with the act.
Guidelines on the carpet area of a property will enable buyers to get the correct details regarding the size of the flats. Anti-discriminatory clause to stop builders from discriminating against people based on religion, food etc is also introduced.
Now that you know the significance of RERA as a buyer, you must look for RERA compliant properties and projects in Mumbai. You can find a huge list of RERA compliant properties, upcoming projects, and builders to choose your dream property in Mumbai at Magic Abode. It is a leading real estate platform focused on Maharashtra with 30 years of experience providing smart property solutions.