RERA (Real Estate Regulatory Authority) registration is crucial when purchasing property, particularly in Maharashtra, where the real estate market is highly active. It ensures that developers comply with legal standards, providing buyers with transparency and protection.
One significant benefit of RERA registration is the mandatory disclosure of project details, including land status, approvals, and timelines. This transparency allows buyers to make informed decisions and reduces the risk of fraud. Additionally, developers are required to deposit 70% of the project funds into an escrow account, ensuring that the money is used solely for the project’s development, thereby safeguarding buyers’ investments.
RERA also standardizes the definition of carpet area, preventing developers from inflating property sizes and prices. Moreover, it limits the advance payment to 10% of the property’s cost before a sale agreement is signed, protecting buyers from financial strain.
In Maharashtra, the effectiveness of RERA is evident. As of May 2025, the state has registered over 50,000 real estate projects under MahaRERA, highlighting its commitment to regulatory compliance and consumer trust.
In summary, RERA registration is essential for ensuring transparency, accountability, and protection in real estate transactions, making it a critical consideration for property buyers.
Informative👌
nice