Most of us have a dream. A dream of having our own home. And now, this dream has become easier, thanks to the Pradhan Mantri Aawas Yojna (PMAY) Scheme and the formation of Real Estate Regulatory Authority (RERA) Act. While the PMAY offers a certain level of subsidy to home buyers, the RERA lays down strict guidelines for developers, keeping in mind the benefits for homeowners.
RERA
RERA started its full-fledged working from 01st May 2017. The purpose of the RERA act is to protect the home buyer's interest and boost investments in the real estate industry. The guidelines of this Act help the home buyers in a holistic aspect in their home buying procedure. According to RERA, all upcoming housing and commercial projects have to list their property under the RERA of their respective state. This act is very fool-proof and leaves no loopholes through which developer/builder may escape post selling a property via wrong ethics.
Advantages of Buying Property in RERA-registered Projects
Investing in a property that is RERA registered brings along many benefits to the buyers, the most significant ones being:
• The developer/builder has to offer timely possession.
• The developer/builder is liable to pay interest to the home buyer if the completion of a project is delayed.
• The homebuyers need to pay only for the carpet area and not the super built-up area.
• The developer /builder has to disclose all details like the carpet area, Floor Area Ratio and the number of housing units clearly.
• The developer/builder cannot make changes in the Site Plan without the buyer's approval.
• The developer/builder has to stock up 70 % of the money paid by the buyer in an escrow account. This ensures your funds are only utilized towards building your dream home and not for any other purpose.
• The developer/builder is also required to obtain legal clearances from all departments such as sewage, sanitation, fire, etc. This assures higher levels of safety.
• The developer/ builder is held responsible for any defect in the building structure for 5 years from the time of possession.
Interestingly, a home buyer has the power to file a complaint against the wrongdoings of a developer/builder of a non-RERA project also. But buying a home under the RERA registered projects is ideally the best thing to do when looking for your dream home.
What is MahaRERA?
Under the RERA law, every state of India is bound to establish a Regulatory Authority in their state. In the Indian state of Maharashtra, this authority is called MahaRERA (Maharashtra Real estate Regulatory Authority). It is in force since 1st May 2017. MahaRERA makes it mandatory for all ongoing commercial/ residential projects to be registered with them. The developers/promoters in Maharashtra cannot sell/ book/ advertise their projects without being registered and being compliant with MahaRERA. It also has provisions for an aggrieved individual to file a complaint with MahaRERA in case of any violations of regulations.
Amchi Mumbai
Mumbai, the city of dreams, requires no introduction! It is the capital of the state of Maharashtra. Mumbai is also famously known as financial, commercial and entertainment capital of India. But Mumbai is much more than that.
Loads of people from across the length and breadth of the country wish to make Mumbai their home as this city definitely promises a better life! But there is one thing Mumbai doesn't have enough- land. It is surrounded by water on 3 sides! This shortage of land makes Mumbai one of the most expensive cities in the world. Over the decades, the northern part, also known as Suburban Mumbai has witnessed tremendous infrastructural and economic growth, one such locality in the suburb is Goregaon which is around 30 km away from the southernmost part of Mumbai city.
The stupendous economic growth and rapid infrastructure development have made Goregaon one of the most sought-after suburbs in Mumbai. The owners of 2 BHK flats in Goregaon West have everything one desires to lead a comfortable life- spacious home, vicinity to shopping malls/ entertainment avenues, access to reputed schools and colleges, excellent healthcare facilities, proximity to work destinations and last but not the least- excellent connectivity to other parts of Mumbai!
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So, if you wish to own a luxurious house here, just search for 3 BHK flats for sale in Goregaon West. One of the most promising offerings for 2 BHK flats in Goregaon West is Chandak Stella. It's registered under Rera. So don’t forget to check it out.
With the support of RERA and Maha RERA on your side, make your dream of owning a house in Mumbai come true!
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