In Maharashtra, RERA has made some customers happy who had been thinking buying property because they no longer have to worry about being cheated by real estate developers’ random decisions They can now purchase the property of their choice without fear of legal penalties since the law has been improved to protect them from the wishes of developers. Let’s take a closer look at it
About RERA –
Maharashtra will be the first Indian state to accept the Real Estate (Regulation and Development) Act, 2016, which can bring a big smile to the faces of new home buyers. This Act has several protections built to protect them from the arbitrary actions of real estate developers. In May 2016, both Houses of Parliament voted in favor of the bill
Notable Features Of RERA In Maharashtra
- It also states that no issues based on religion, caste, food intake choices or culture would be allowed to be brought up by builders.
- To increase transparency in the property transaction, the builder must provide all necessary project information.
- If the buyer is unhappy with the property or is facing any type of delay with the property, he or she has the right to a full refund within 15 days of purchase.
- It is necessary to include the parking fees in the legal agreement. It would not be incorrect to state that it helps the protection of transparency.
- According to RERA, the real estate developer must complete the task within the given time limit or face a penalty. Not only that, but it can also result in a three-year prison sentence.
- To protect customers from estate agents who cheat on them, it is now necessary for all agents to register with the government.
When it comes to the customers’ reactions, they are happy since they will be able to save money on various items that have always been a source of frustration for them. To begin work on a project, developers must get a RERA certificate. This act will not apply to just one upcoming project, but all ongoing ones. The developers will not be allowed to sell or offer the property for sale until the project is approved, according to this Act.
The Motto of RERA
The Act’s main goal is to increase transparency by demanding the release of all types of information related to a project. After the introduction of RERA, it has been necessary for real estate agents to register for the rest of the property sale or purchase. It cannot be explained that it will bring a great deal of relief to investors and buyers. We expect that it would be adopted in other Indian states as well.
Need hassle-free RERA Services?
MeraLegal will assist you in obtaining all appropriate licenses and registrations of real estate projects and agents; please click on the following link to contact one of our consultants.