MahaRERA or Maharashtra Real Estate Regulation Act oversees all vital protocols of the real estate sector and provides prompt redressal in case of disputes. Consequently, it tends to impact property buyers, promoters and real estate agents significantly.
Impact on property buyers
The RERA Act is mostly residential property buyer intrinsic and entitles them to avail information pertaining to plan layout, construction update, etc. straight from developers. Also, a standardised formula of carpet area is used by the buyers to eliminate confusion.
It comes in handy for home loan borrowers and helps to pick a suitable loan amount and repayment tenor based on the project’s completion. Also, it holds builders responsible for any defect or fault in construction.
If promoters fail to meet construction deadlines or hand over the property, they are liable to pay interest on the amount paid by the buyers.
Impact on promoters
Both private and public promoters come under the RERA Act. Under this Act, promoters are required to obtain building approval before registering it. Failure to complete RERA registration attracts a penalty. They are also required to submit a declaration stating the probable construction time of a project, and an affidavit must back it.
Promoters have the advantage to make necessary corrections after a property’s RERA certificate has already been signed.
Impact on agents
Under it, agents are required to get registered with the RERA Maharashtra or MahaRERA Act. In case, any agent fails to get registered or does not comply with the provisions of RERA; a penalty is levied.
Know about the RERA Act in Maharashtra in detail to understand the registration process, associated penalties and the process of lodging a complaint.
Must Read: - Penalties that Comes Under the RERA Act