The Real Estate Regulation Act (RERA) was passed in 2016 by the Indian government. The Act established RERA to protect homebuyers’ interest, focusing on cultivating a greater level of transparency in the real estate industry. If you are looking to buy a property in Mumbai, do consider RERA registered ones.
Read this article for insights into RERA and how to check RERA registration. We answer how RERA brings a positive change and how to check RERA registered projects in Mumbai.
Why RERA registered projects are recommended
RERA rules ensure more accountability on the part of property sellers to protect the interest of homebuyers. Here’s how-
● Reduced project delays
As per RERA rules, builders are required to disclose every detail to homebuyers. The details regarding their projects have to be updated regularly. This ensures fewer project delays and checks unethical selling. If there’s any delay, the builder is liable to pay 2% interest over SBI’s MCLR for the period of delay.
● Justified payments
Builders of RERA registered projectscan only price the property based on carpet area or built-up area. The rules refrain them from charging for super-built areas like lifts, stairs, lobbies, etc. The developers are also prohibited from taking more than 10% as advance payment.
● Accountability after handover
The developers are liable to rectify defects arising within 5 years. If at the time of possession, there is any discordance with your title deed, you can ask for compensation. The developers are also required to resolve disputes within 120 days of filing.
Additional Read: Top Things Everyone Must Know About RERA Act of Maharashtra
How to check RERA registered projects in Mumbai
In a city like Mumbai, it’s best to be a cautious buyer. Check out these easy steps for your online RERA project search:
Step#1 – To search for RERA registered projects in Mumbai, log on to MahaRERA website.
Step#2 – Now, go to the ‘Registration’ tab and click on ‘Registered Projects’. A new link will open and you will see the option to fill Project name and Promoter’s name.
Step#3 – You will see an option of ‘Advanced Search’ at the bottom of the page opened in the step above. On selecting this, you can enter the district, pin code and other details of the area in Mumbai, where you are searching the project. On entering these details and clicking on the ‘search’ option below, you will get a list of RERA registered projects in your area.
Additional Read: Difference between a RERA registered builder and others
So are you looking to buy your dream house? Buying a house with a RERA registered project will ensure you are making a safe investment decision. And we are eager to fund your safe investment. Tata Capital is India’s most trustworthy source for a home loan. We understand that real estate, especially in Mumbai, doesn’t come cheap. So, we lessen your burden by providing home loans interest rates starting just at 8.50%. For a smooth, transparent and efficient realization of your dream, Tata Capital is just the companion for you.