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Everything you Need to Know About MahaRERA Act

Nov 11, 2022
Everything you Need to Know About MahaRERA Act

The RERA Act Maharashtra is the set of rules set by the Maharashtra state government under the Real Estate Regulatory Authority of India (RERA) for the entire real estate industry and its dealings. This means that all operations related to purchasing, registering, launching, and resolving must be undertaken under the supervision of the RERA. Every state in India has its own RERA guidelines for registration, compliance, and implementation. So what is MahaRERA?

What is the RERA Act in Maharashtra?

The MahaRERA full form is Maharashtra Real Estate Regulatory Authority. This body governs all activities related to the real estate sector in the Maharashtra state. The main aim of the MahaRERA Act is to keep the government informed about every transaction that takes place, any new ownership that is registered, and to avoid fraud in the property sector. It prohibits any and all new construction to begin without registration and keeps periodic checks on properties in Maharashtra.

It is interesting that Maharashtra was the first state in the country to implement the RERA act. To sign up for more details, you can create your account on the official RERA Maharashtra rules website.

MahaRERA Registration Process

Before you sign up for any real estate deal, learn about the MahaRERA registration process:

  • Click on the link to the official website: https://maharerait.mahaonline.gov.in/
  • Log into your account if you have an existing one, else click on New Registration.
  • You will see 3 options:
    •  
    • Promotor
    • Real estate agent
    • Complainant
  • As the website asks, enter all your details.
  • Submit the required documents. A few vital ones are mentioned below:
    •  
    • Self-attested photocopy of PAN card
    • Complete address and contact information
    • Details of past projects
    • Encumbrance certificate

Features and Benefits Of MahaRERA

The Maharashtra RERA rules and regulations around real estate property offer the following 6 features:

  • It ensures that all operations are transparent and that no real estate transactions are done without registration under RERA or against RERA Maharashtra rules.
  • It holds the parties involved responsible for all development of the land or building in context and makes certain that all individuals can exercise their rights without denial.
  • It has rules in place to maintain financial discipline.
  • It binds the seller to cater to the complaints and requirements of the buyer within time limits.
  • It demands that all agents, brokers, and firms involved in the deal record their details for safety reasons.
  • With the RERA in place, buyers can be assured of just and legally secured dealings.

There are three main benefits to buyers and sellers under the RERA Act, Maharashtra:

  • Buyers have a set of rights that not only protects them from fraud but also lists what comes under their legal authority.
  • Sellers can be assured of all financial security since brokers and institutions are also registered under RERA.
  • The construction of any given project is timed, hence, delays leading to increase in costs can be avoided.

Conclusion

When you are dealing with real estate like home purchases and construction, it is crucial that you are aware of the MahaRERA meaning. If you are interested in purchasing a home, one of the best options for an affordable deal is taking up a home loan. With Fullerton Grihashakti, you can avail home loans at attractive interest rates and reasonable EMIs. To know if you are eligible for this, check it through the online eligibility calculator and benefit from the online portal to apply for a loan. Take the big step towards owning your own home today!

*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton Grihashakti.

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