The Real Estate (Regulation and Development) Act, commonly known as RERA, was a game-changer for Indian real estate. For buyers in Maharashtra, MahaRERA has brought unprecedented transparency and accountability to the property market.
What is RERA?
RERA is a regulatory framework that mandates developers to register their projects, disclose all details, and adhere to timelines. It was enacted to protect buyers from delays, fraud, and unfair practices.
Key Protections for Buyers
Project Registration: Every project above 500 sqm or 8 units must be registered. You can verify registration on the MahaRERA website.
Carpet Area Clarity: Developers must sell on carpet area basis only, eliminating confusion between super built-up and carpet area.
Escrow Account: 70% of buyer funds must be deposited in a designated account, ensuring money is used for construction only.
Penalty for Delays: If the developer misses the possession date, they must pay interest to buyers at the prescribed rate.
Defect Liability: Builders are liable for structural defects for 5 years post-possession.
How to Check RERA Registration
Visit maharera.mahaonline.gov.in, search by project name or registration number, and verify all project details including timeline, approvals, and builder information.
Filing a Complaint
If you face issues, you can file a complaint on the MahaRERA portal. The authority is known for swift resolution of buyer grievances.
