Last Updated on December 29, 2021 by rida
Due to the current economic stagnancy, Maharashtra is experiencing low real estate demand. To rectify this, the state government announced a stamp duty reduction of 3% until the end of 2020. It would thus help potential property buyers save a considerable sum with these new terms. Furthermore, after the implementation of the Maharashtra Real Estate Regulatory Authority or MahaRERA bill, the process of buying properties in this state has become much simpler and transparent than earlier. Today, one can easily determine whether the construction of a particular project is authorized under the RERA laws. Moreover, property buyers can also seek pertinent information about their future home purchase, including floor plan, proposed date of completion for the said project, and more.
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Implications and benefits of the MahaRERA Act
If you are currently searching for a property in Maharashtra, ensure that you utilise all of the facilities that this new real estate regulatory bill offers. Listed below are some of the benefits that first-time homebuyers can experience with the RERA Act implemented in the state.
Easy search for government registered housing agents
Under the RERA Act for Maharashtra, all real estate developers and agents need to register with their state government. These agents need to stick to the state rules and guidelines regarding property construction and sale at all times. As a potential property buyer, you should be on the lookout for such registered agents to limit any risk of fraud or deception in your future transactions with an agent. All you need to do is enquire about an agent’s registration number.
Next, visit the official MahaRERA website and enter the concerned registration number on the portal. Doing so should instantly help you access the agent or developer’s credentials. This site will list if an agent you are dealing with has faced criminal charges for misconduct or fraud in the past as well.
A central hub for all property-related details
One of the things you need to know about MahaRERA in Maharashtra is that it acts as a unified platform, holding all relevant details regarding housing projects, ongoing constructions, planned projects, and much more. Before this specific Act was implemented, homebuyers faced immense difficulties in finding accurate information regarding real estate developments.
Verification of a property’s sanction plans
The MahaRERA portal allows you to check the sanctioned layouts and plans for any upcoming project. Developers cannot change these plans midway through construction without following a strict protocol. If such a change is necessary, builders first need to seek permission for it from at least two-thirds of all property owners involved in the same project.
This restriction or check on altering sanction plans for a housing project, can allow for shorter construction spans and reduce delays in completion.
Precise determination of usable space via carpet area measurement
The RERA Maharashtra rules also enforced a new system where builders need to disclose the carpet area of a property while selling it and not its build-up area. The built-up area comprises the floor space, thickness of the outer wall, and the balcony area. The carpet area of a house, contrarily, refers to just the area within its four walls, excluding the space for balconies.
Thus, the carpet area measure gives a better estimation of the usable space inside a house or an apartment. It represents another way in which RERA is going to alter the real estate market for buyers in Maharashtra.
Separate pricing for parking space in MahaRERA
Property sellers in the state can no longer bundle the price of parking space with the price of the actual property. Under the previous regulations, doing so was possible, which allowed developers to maintain an unfair profit margin on property sales. Under MahaRERA, builders need to specify the price and details of the parking space separately from the property’s price.
Doing so ensures greater transparency in the process, thus letting buyers know exactly how much they are paying to acquire such a space.
Today, residents in the state availing home loans for the property they are about to purchase must also ensure such property holds a valid RERA registration. Acquiring such advances to buy an approved project is much simpler since most HFCs are ready to fund these requests.
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Reputed lenders may also provide pre-approved offers to simplify the process of financing, helping save valuable time. These offers are available on several credit options, such as home loans, loans against property, and more. You can check your pre-approved offer by providing a few details like your name and phone number.
Make sure you check whether the property you are interested in carries the relevant permissions and sanctions under RERA. Choosing from one such project should help you acquire a suitable residential property without any risk of fraud or loss.