RERA is a real estate regulatory authority that comes into existence according to the Real Estate Act 2016. RERA aims to protect home buyers and boost their real estate investments.
The RERA act is effective and comes on 1 May 2016 into existence. Only 52 of the 92 sections are notified under the RERA Act. This guide will cover important information on RERA and the step-by-step plan for RERA project search online.
If you are also interested in making investments in RERA-registered projects, then this article will surely grab your attention.
Important facts under the RERA
Here are some important facts that you should consider under the RERA to understand it in a better way.
Under the RERA act, a minimum of 70% of investors’ and buyers’ money will be separated into a different account. This money is then allotted to builders for land-related and construction costs.
Builders and developers cannot ask for more than 10% of the cost of the property as an advance payment before the signed agreement of sale.
Builders are expected to submit original and accurate documents for all the projects that they undertake. The builder can’t make project plan changes without the buyer’s confirmation.
RERA has instructed their developers to sell the properties based on carpet areas, not super-built areas. If the project is delayed, the buyers are notified back to get the whole money invested.
The builder has to rectify the issues faced by the purchaser within 5 years of buying. This problem needs to be rectified within 30 days of the complaint.
Regulars are unable to sell, build, advertise, book, or invest in plots without registering with the regulator. After the registration, all the advertisements for investments are kept under different project registration numbers offered by RERA.
How to find RERA-registered projects?
Here are the simple steps you should follow for an online Maharera project search.
- Visit the official website, https://maharera.mahaonline.gov.in/
- Go to the registration tab, and tap on registered projects.
- Go to search project details, and choose the registered projects
- Type the project name and tap on the search
You can get search with the project name and its details. On tapping “ View,” you can see the brief details about the project, including the project type, locality, proposed completion date, and ongoing status.
How to determine whether the property is RERA compliant or not
If the property area is more than 500 square meters, the builder must register it under the RERA act before advertising or launching the property on a specific property.
Builders have to prove that they have deposited 70% of the total payment into their account instead of using it for the same other investment.
Today, it is important for every builder and developer to must take their property under the RERA act to sell at better rates. If you have property or want to check whether it is registered under RERA, you can simply follow the above steps and check in less time.