Maharashtra Real Estate Regulatory Authority or MahaRERA was established in March 2017 to promote the real estate sector transparently. Under the MahaRERA Act, all on-going residential and commercial projects must be registered.
As per data, more than 33,000 projects are registered with the said regulatory authority and have redressed close to 4,000 registered complaints till date.
Details pertaining to the registered projects are made available on MahaRERA website. It is beneficial for individuals who wish to access information about the availability, litigation on on-going projects and details of promoter and agent among others.
Nonetheless, to access the required details, homebuyers must find out the steps to navigate and extract information from the website without much hassle.
Services provided on the MahaRERA website
Follow these discussed steps to find out essential details about a project on the RERA Maharashtra website –
- Project availability and its details
- Log in to MahaRERA’s website.
- Navigate to the ‘Registration’ tab.
- Click on the ‘Registered Projects’
- Enter details of the area, locality and developer on the ‘Advanced Search’ space.
- Click ‘View’.
Once these steps are completed, homebuyers will avail a complete list of all registered projects in the specific area including – project type, proposed date of completion, on-going status, vendor details, etc. In short, it will provide home buyers with the details they need to know about RERA Act in Maharashtra and much more.
The gathered information may come in handy for those individuals who plan on availing a home loan to purchase a residential property. It will help them to ascertain the adequate loan amount and will help to plan its repayment more effectively.
- Details of litigations on realty projects
With the help of the details available on the website, homebuyers can access details of those projects that are stuck in a legal row. They can also access information related to the verdict passed on them under RERA registration –
- Look for the tab ‘Appellate Tribunal’.
- Click on ‘Orders’.
- Enter the project’s name on the search bar or check the list given.
Based on the information availed, homebuyers can make an informed decision about their choice of a residential building. In turn, it will serve as one of the benefits first time home buyers can experience with RERA in action.
- Details about promoter
Individuals can also access details of the promoter or project developer and the concerned company registered under the RERA Act under the last section of the project details tab. They can check the details of the previous projects headed by a particular developer and will help to understand what to anticipate from them on a given project and its deliverance.
- Agent details
It also shares details of registered agents under MahaRERA who are in charge of particular projects. Typically, without being registered under the regulatory body, agents cannot facilitate the sale or purchase of any apartment, building or plot. Also, they cannot facilitate the same on behalf of others.
- Project documents
Under the ‘Uploaded document’ option, individuals can view and download documents related to any given real estate project.
Some essential documents are –
- Layout plan/plotting plan.
- Encumbrance certificate.
- Title deed.
- Sale deed.
- Commencement certificate.
- Collaboration agreement/joint development agreement, etc.
- Certificate of transfer of development rights.
- Certificate from a registered engineer.
Once homebuyers have gathered all the required information, they can proceed to avail a housing loan without worrying about being subjected to real estate malpractices. To further make the process of purchasing a home more feasible, they should avail credit from leading financial institutions that offer substantial loans at an attractive rate of interest.
Prominent HFCs also provide pre-approved offers to their customers to make their experience less cumbersome and worthwhile. Generally, such offers accompany multiple financial products including – home loans and loans against property. You can check your pre-approved offer only with your name and contact number.
While at it, individuals must also check the important reasons why lenders may reject their home loan application. It will help them to take necessary steps to avoid it and will help them to access funds with greater ease.
Intending homebuyers must also make it a point to become familiar with how to raise a grievance under the MahaRERA Act. It will not only make them aware of their rights and benefits as a home buyer but will also help to seek justice in case of a dispute.