Rera
How Maharashtra RERA supports Buyers & Investors
Security
Under the act, a minimum of 70% of the buyers’ and investors’ money will be kept in a separate account. This money will then be allotted to the builders only for construction and land related costs. Developers and builders cannot ask for more than 10% of the property’s cost as an advance payment before the sale agreement is signed.
Transparency
Builders are supposed to submit the original documents for all projects they undertake. Builders are not supposed to make any changes to the plans without the consent of the buyer.
Fairness
Under Maha RERA, developers are now instructed to sell properties based on carpet area and not super built up area. In the event that the project has been delayed, buyers are entitled to get back the entire money invested or they can choose to be invested and receive monthly investment on their money.
Quality
The builder must rectify any issue faced by the buyer within 5 years of purchase. This issue must be rectified within 30 days of the complaint.
Authorisation
A regulator cannot advertise, sell, build, invest, or book a plot without registering with the regulator. After registration, all the advertisements for investments should bear a unique project wise registration number provided by RERA.