Understanding RERA: Real Estate Regulations Every Mumbai Buyer Should Know
The Real Estate (Regulation and Development) Act, 2016, transformed Mumbai’s property sector, making it more transparent for buyers.
Key Benefits:
- Mandatory Project Registration: Developers must register projects with RERA before any sale/advertising, creating accountability.
- Disclosure and Regular Updates: Information about project plans, progress, financials, and legal status must be made public.
- Protection Against Delays: Buyers can claim interest or refunds if possession is delayed without justified reason.
- Advance Cap: Builders cannot demand more than 10% of the property value as advance without a formal agreement.
How Buyers Benefit:
- You can check RERA registration and ongoing complaints online.
- Transparent pricing, with clarity on carpet area and all fees.
- Legal recourse for false promises or delays.
Always demand to see the RERA registration certificate before purchasing and verify the developer’s compliance through the Maharashtra RERA website
