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As and when the RERA Act came into effect, investments in the real estate industry have seen a significant rise. This Act brings in transparency and an atmosphere of trust among the buyers and sellers.
RERA Act in Mumbai is known as the MahaRERA act or rera maharashtra, considering its jurisdiction throughout Maharashtra. It targets to provide affordable housing to families or individuals as per their income gradient.
Before you plan to purchase a residential property in Mumbai, keep these pointers in mind to benefit the most from this Act meant to benefit buyers like you.
- Compare The Dealers
Before you select a property, consider accumulating details about the builder or promoter of the residential property. Analyse them based on price, previous records, quality of the projects, other amenities, etc. The MahaRERA act has made it mandatory for builders to share all the details of their projects to a central database. You can access the official portal to gather all such necessary information.
- Check the Market Value
Consider checking the market value of your property accurately before you decide on the purchase. Under the Real Estate Regulatory Authority (RERA full form) sellers are restricted from charging extra for lobbies, elevator, balcony, stairs, etc. This act also restricts the agents to charge more than 10% of the actual value in advance. Also, inquire about the hidden costs of buying a home and other charges.
- Choose the Location Wisely
Before you select your property and provider, consider the location of the plot with foresight. Refrain from choosing a location as per availability of proper transportation and other amenities. Also consider price appreciation and factors which may work for or against it.
- Arrange the Necessary Funds
A home loan can provide you with the necessary financial assistance to purchase a residential property of your choice. The Government of India has launched multiple schemes ease the financial burden for homebuyers. One such beneficial scheme is the Pradhan Mantri Awas Yojana for a home loan, also known as PMAY. Under this scheme, you can avail a loan at a subsidised interest rate for your purchase of a home after meeting its eligibility criteria.
Alternatively, you can avail advances from various financial institutions and NBFCs. Bajaj Finserv is one such NBFC that provides Home Loans. They also offer –
- Top-up loans
- Balance transfer facility
- Online account access
- Prolonged tenor
- Instant approval
- Substantial loan amounts of up to Rs. 3.5 Crore
- Know All About Required Legal Documents
There are specific documents that you get while you purchase a property. Having proper knowledge of such papers will help you avoid legal issues with the property. The standard set of documents that you get is –
- Land use certificate.
- Sales deed.
- No objection certificate.
- Commencement papers.
- Encumbrance certificate.
- Release certificate.
- Check the quality of the land
While you are purchasing a property, consider knowing the quality of the area where your property has been constructed. As a buyer, you should know about the RERA Act in Maharashtra and that it puts a strong emphasis on the quality of land where the project is underway. The foundation of a multi-storied residential complex is as vital as the quality of land, that is, whether the land the property is to be constructed on is stable in the first place.
- Know other Amenities
While you purchase a property, consider knowing the facilities that your builder provides such as elevators, parking space, etc. As mentioned, builders are restricted from charging any extra amount for stairs, lifts, balconies, etc. under this RERA act for Maharashtra.
The MahaRERA act has received around 6,631 complaints and has successfully resolved around 64% of such solutions. Under this act, it is also mandatory for builders to hand over the property on time, failing which they will be liable to pay penalties.
Purchase the residential property of your choice. Keep in mind to track the completion deadline. Access the official portal of RERA to get all the information on your property along with the dealer’s deadline.