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Simple Ways to Purchase a Home Under MahaRERA

By IIFL Home Loans | Published On Feb 21 2024 8:37 AM 1 min read 24 views 4344 Likes
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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.

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