Mumbai’s Real
Estate Regulatory Authority (RERA): A Guide for Buyers and Sellers
Introduction:
The Real Estate
Regulatory Authority (RERA) is a government body established under the Real
Estate (Regulation and Development) Act, 2016. Its primary purpose is to
protect the interests of home buyers and boost investments in the real estate
sector. Mumbai, being one of the prime real estate markets in India, has its
own RERA division, known as Maharashtra RERA or MahaRERA.
Benefits of
RERA for Buyers:
Transparency
RERA mandates that
all commercial and residential real estate projects where the land is over 500
square meters, or eight apartments, must be registered with the RERA. Detailed
information about the project must be disclosed on the RERA website. This
transparency significantly reduces the risk of fraudulent practices.
Timely
Possession
Under RERA, the date
of delivery for a project is clearly defined and legally binding. This ensures
that buyers get possession of their properties as per schedule.
Grievance
Redressal
RERA has a strong
grievance redressal system. In case of any complaints or issues, buyers can
approach the RERA tribunal.
Benefits of
RERA for Sellers
Boosts Investor
Confidence
RERA brings
credibility to real estate projects, boosting investor confidence. This can
lead to increased sales for developers and sellers.
Standardization
RERA introduces
standardization to the real estate sector, making it easier for sellers to
navigate the market.
Organized
Market
RERA helps in making
the real estate market more organized, benefiting both large and small-scale
developers.
Conclusion
RERA is a boon for
both buyers and sellers in the real estate market. It brings transparency,
boosts investor confidence, and ensures timely completion and handover of
projects. As a buyer or seller in Mumbai’s real estate market, it’s crucial to
understand the workings of MahaRERA to ensure a smooth and fair transaction.
--
Trustwin Build
Advisory Private Limited
