Whether you are looking forward to buy a 1, 2 BHK affordable apartment with ample amenities or a luxury home in the most prime locations of Mumbai like Dadar; property buying has seen some changes with the implementation of the RERA Act.
RERA (Real Estate Regulatory Authority) bill was first introduced by the Government in 2013 to protect the rights and interests of property buyers. This made the buying process simpler for customers. It was accepted in March 2016 for 13 states among which Maharashtra was the first to implement it. Maharashtra Government then enacted the RERA Act on May 1, 2017 thus initiating the Maharashtra Real Estate Regulatory Authority (MahaRERA). With a lot of rules under the act, we handpicked some important ones which we believe are necessary to any home buyer.
Say if you are on the lookout to purchase a 1 BHK or 2 BHK apartment at a prime location like Dadar, these handy tips will help you make your home buying under MahaRERA much easier.
Get hassle-free updates from a single website
Early on, it was difficult to look for projects developed by authorized builders. The new MahaRERA website makes it simpler for property buyers with a list of important details. The list covers ongoing residential projects, launches, developer details. It also includes project completion timelines and details of real estate agents which were not available earlier. These details will help you look up for recognized projects and agents from a single place.
If you have shortlisted a 1, 2 BHK project in a prime location like Dadar, you can get hassle-free details and updates on the MahaRERA website.
Check for Government registered estate agents
It is now obligatory for every estate agent to get themselves registered with the Government according to the rules imposed by MahaRERA. Under this, you will be able to protect yourself from any fraud or dishonesty of the estate agent.
While looking for an estate agent or being approached by one, make sure they are registered with the Government.
Double-check the sanction plans
According to MahaRERA, developers cannot change or make additions in the layout, sanction plans, specifications and amenities without permission. Developers will need to get permission of at least two-thirds of the people who have concurred to buy apartments in a building. This will help with project completion on time.
Before making your buying decision, make sure all the layout and the sanction plans are in place for your 1 BHK, 2 BHK home. Always ensure that the property is developed by a recognized builder.
Know the carpet area
Your budget is the primary thing to consider when you are buying a home. Hence, it is important to know the area you will be getting.
Before MahaRERA was introduced, developers sold property on the built-up area (the carpet area, including the thickness of the outer walls and the balcony). With the introduction of MahaRERA, developers will have to sell the apartment with respect to the carpet area (the area which is inside the four walls excluding the balcony). This will let you to know what you are paying for.
While searching, make sure you are getting the appropriate carpet area for the property you are planning to buy.
Clarify the parking space before buying
After choosing the carpet area, parking space is necessary especially if you own a vehicle or are planning to buy one in the future.
Earlier, the developer would market to the buyer about free parking space when selling the apartment. This was done by selling the apartment at a much higher price. According to MahaRERA, it is now mandatory for developers to reveal the charges for the parking area in an official agreement separately. This is to avoid selling the apartment at a higher price. It will also allow you to know the price of the parking space you are getting.
Make sure you ask about the disclosed price of the parking space you want whether you are buying a 1 BHK or a 2 BHK apartment.
Since the introduction of MahaRERA, home buying has been simplified than ever before. By keeping these tips at your disposal, your buying process can be made much simpler. And, it will also take you a step ahead to possessing the home of your choice.