What do you mean by RERA? It stands for real estate regularity authority. One of the most important platforms where people can easily buy property. In this way, transparency is formed between dealer and buyer. In this platform, people find every detail about the property, which is necessary to know.
Moreover, it mentions the advantages of properties, whether it’s satiated the desire of the buyer or not. It is the act that the Indian government passed in May 2016. It’s become necessary for the builder to 1st register in RERA. Then, whatever is the concern of homebuyers, builders, brokers, or other stakeholders, they can visit the platform and clarify their facts. The rules for RERA helps to navigate the property with ease.
What Is The Use Of RERA?
The great and the necessary use of the RERA act is to give people standardized carpet areas. Earlier, every builder has their method to calculate the property’s price; for the same flat, distinct builders use their method. Nowadays, there is a standard formula for calculating the carpet area. It is clearly defined by the RERA act that which formula is applied by the developers.
Moreover, another use of the RERA act is quite helpful and straightforward. The earlier builder used to pay less interest if there was a delay in making the property ready. But whereas if there is a delay by the buyer to pay them money, then there is less interest given by the owner. So for making it fair, there are some changes made to act, and it mentions the rate of interest to be paid needs to be the same for both parties.
Buyers are also given the option to withdraw from the project. It is the right of the buyer if the builder makes any false promises. If there is a mismatch of commitments that the builder makes to the buyer, they can withdraw their project readily. And also, they are provided with a full refund that is paid in advance. Otherwise, there is compensation which the builder pays.
Essential benefits of RERA –
- RERA is responsible for reducing the chance of miss-selling. People often mislead the buyer by giving them wrong information. To take the help of RERA, it becomes easy for an individual to conclude. That’s why authorities have made it mandatory for all the developers to register themselves on RERA before starting a project.
- The rules for RERA apply to both that is residential and commercial properties.
- The fundamental objective of RERA is to make the interest of their buyers alive. Therefore, they can find their property readily with proper description.
- Last but not the least, it is one of the most important and unique factors provided by RERA. That means more accountability and transparency within the real estate industry.
Steps to check RERA Registered Project In Mumbai-
- The very first thing you have to approach is the official website. Or you can click at https://maharerait.mahaonline.gov.in/ to visit the website.
- On the next page, you will find it out several options. Firstly, you have to click on registered projects. If you are in search of a particular project, then enter the project name.
- For making it relatively more manageable, you have the option of a map. With the help of map view, you can directly locate the project on Google maps. According to the area, you will come to know the property.
- There is the entire information about the project which you have selected. In this way, you get the entire information in deep of the property. Along with it, you can also view the application and the certificate.
- Concluding, make sure the home which you are selected to buy is RERA registered.
The government has taken several steps to make distinct things easier for people. For example, the RERE is a platform where people can get their property in a place where they require it. However, with this option, an individual can get property in Mumbai with entire details, which never gives them false information. By getting appropriate knowledge, they can easily make their final opinion.
Santosh Kumar, He is a SEO + Blogger have 12 years of experience in writing tutorial, informative and product reviews topics.