banner banner

Stay Up-to-Date with Our Blogs & Articles

The texts on this website have been translated using an automated translation tool and its accuracy cannot be guaranteed. We recommend referring to the English version of the content for the most precise information. In the event of any disputes or inconsistencies, the contents in the English language shall be considered final and binding. IIFL HFL disclaims any liability or responsibility in this matter.
Go Back to Main blog page

Simple Ways to Purchase a Home Under MahaRERA

By IIFL Home Loans | Published On Feb 21 2024 8:37 AM 1 min read 32 views 4382 Likes
IIFL Home Loans

The government implemented the Real Estate Regulatory Act (RERA) in 2016 to safeguard the interests of homebuyers and provide a dedicated platform to solve their grievances. Every state needs to implement it at its state level. They are required to create a statutory regulatory body to implement and execute the RERA provisions. But what is MahaRERA? As RERA operates at the state level, in the case of Maharashtra, it is called Maharashtra RERA or MahaRERA. Did you know you can also purchase a home under the MahaRERA? Let’s find out how!

How to Purchase a Home Under MahaRERA?

To purchase a home under MahaRERA, here’s how you can proceed:

  1. Visit the MahaRERA website.

  2. Register as a user.

  3. Login with the credentials you generated after registration.

  4. Go through all the MahaRERA registered projects on the website. MahaRERA also allows you to select the project based on your locality.

  5. Check all the MahaRERA project details such as the availability of homes, the project completion dates, and other information. Builders need to update the information with MahaRERA regarding the project status.

  6. Book the property.

Why you should Buy a Home under MahaRERA?

Here are some of the important reasons why you should be buying a home under MahaRERA:

  • Find Genuine Builders: All the builders that fulfill the threshold are required to register under MahaRERA. Therefore, the information on the MahaRERA portal contains the details of the projects and builders that have been already approved. So, it is safer to buy property under MahaRERA as you can simply do a MahaRERA number check to get all the information you need.

  • One-stop Information Hub: Builders need to update all the information on the MahaRERA website. Therefore, it acts as a one-stop destination to skim through all the projects going on in any city in Maharashtra. This includes ongoing constructions, planned projects, government rules and regulations, completion details, etc.

  • Know Property Details: You can know the intricate details about the property you are interested in purchasing. This includes MahaRERA project details, the number of units booked and vacant, project completion date, status, official documents, permissions, etc. So, it acts as a one-stop destination for all the information you need about any property.

How MahaRERA Protects Homebuyers?

The foremost fear of any homebuyer is getting cheated by the builder or significant delays in delivery. This is where MahaRERA comes in. It provides you with all the information you need to make the right decision related to property purchase. Whether it's about carpet area, completion date, properties available, etc., you can find all the details on the MahaRERA website.

Apart from providing information, it also acts as a grievance redressal mechanism and safeguards the interest of homebuyers. In case there is any delay in the completion of the MahaRERA registered project or a mismatch in what was promised and what is being delivered, homebuyers can claim compensation or even withdraw from the project along with a full refund. Further, the law also places the requirement of advance payments. Apart from this, even lenders search for project details on RERA and decide accordingly. This is because they get all the details they require from the MahaRERA portal and have high confidence in the same.

In a Nutshell

Buying a home after doing a MahaRERA checkcan confer a lot of benefits for you. From getting all the details to safeguarding your interest, RERA has made homebuying a lot safer for people. To further make the home-buying experience seamless, you should select the right lender.

IIFL Home Loans have remained the homebuyer’s choice for financing their dream home. With affordable interest rates and quick processing, you can get your home loans in no time. It’s time to avoid any unpleasant experience in property purchase by going with MahaRERA and IIFLHome Loans!

Frequently Asked Questions

Q1: How can I know my EMI for home loans?

A:To know EMI for home loans, you can use the  IIFL Home Loans EMI calculator. It tells you the exact amount of EMI after you enter the loan amount, tenure and home loan interest rate.

Q2: Are details on the MahaRERA website accurate?

A:Yes, MahaRERA is a government portal where builders are required to make timely updates.

Q3: How does MahaRERA assist in buying homes?

A:MahaRERA provides you with complete details about any project. Further, it also solves your grievances and any concerns you have relating to property purchase.

Q4: Does MahaRERA also impact home loans?

A:While MahaRERA does not directly impact your  home loans, the lenders do verify the property details from the MahaRERA portal. It enhances their confidence in granting the loan to the borrower.

Q5: Can I get compensation or a refund in case the builder does not fulfil his promise?

A:Yes, MahaRERA contains explicit provisions relating to compensation and even a refund of the entire amount in case the builder fails to deliver.


apply loan

Quick and Hassle Free Loan Processing

green ad
Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report

Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.