RERA

A Positive Disruption a Flats for Sale in Mumbai

 INTRODUCTION

The RERA -Real Estate

Regulation and Development
Act came into e f f e c t on May 1,
2017, in Maharashtra. It is one
of the best reform initiatives
causing positive disruption
for real e s t a t e in Mumbai. The
whole dynamics of buying and
selling property in Mumbai
has changed. Let’s look into
some key features of RERA
and its affect on real e s t a t e
W H A T R E R A B R I N G S T O THE T A B L E ?

•Regulatory Authority - T o look at all the areas covering real

e s t a t e dealings

•Transparency –Th e property buying and selling has b e c o m e

transparent with all the right information to be provided by
builders and developers.

•Accountability –Th e P r o j e c t s have to be completed within

the promised time frame or the builders fa ce a penalty
•Stability – The real e s t a t e to be stable with proper payment
instructions by RERA for buyers as well as builders.

•Consumer C o n fi d e nc e - This will give boost to the consumer

to buy properties more confidently

•Rules- Specific rules to govern the i n t e r est s of both buyer

and seller.

•Guidelines- Specific guidelines to follow while buying or

selling properties
COMPLAINT REDRESSAL
•An Appellate tribunal will look after the complaints and
disputes.

•The RERA will direct and order penalties in c a s e t h e r e is a

violation of RERA guidelines.

•This will p r o t e c t the buyers from cheating and fraudulent

builders

•This will help the buyers

who in the time past were at
the receiving end and
suffered losses as there was
no platform to address
grievances.
RERA REGISTRATION

All flats for Sale in Mumbai have to be

registered under RERA. The Builders,
promoters are supposed to be RERA
compliant and follow the guidelines and
rules laid down by them.

These p r o j ec ts have to display the RERA

c e r t i fi c a t e on every flat for sale in Mumbai
along with the RERA registration number on
all advertisements and promotions.
BUYER PROTECTION

•The buyer who wants to buy residential property in

Mumbai will get a c c u r a t e details regarding the possession
date of the project.
•The builder’s credibility can be assessed by the RERA
certification, a number of flats sold in the project, and other
specific details which will be available on the RERA website.
Specific details about the c a r p et
area, flat amenities and other
information will be given by the
builders. This will help buyers to
make b e t t e r decisions while
buying luxury 3 BHK/ 4 BHK flat
in Mumbai.

The penalty will be levied against those builders who do not finish
the project on time.
 The liability for d e f e c t s in
the property has been
increased from 2 years to
5 years.

Every change in the flat brought by the builder will be

notified to the buyer in advance. These changes will be
applied only after the permission from a majority of buyers
of that project
THE IMPACT O F RERA N O W

•The market has slowed down

because of the new rules and
regulations in place.
•The model and s t r u c ture of the real
e s t a t e business are currently
undergoing a transformation.
•The real e s t a t e investment has
taken a cautious approach.
•This is e xp e c t ed to last until the
end of the year.
LONG-TERM IMPACT
•Buying and selling properties has
b e c o m e easy with proper standards
in place. This will streamline the
pr o c e ss of dealing with properties.

•The p r o j ec ts will be completed on

time and the quality of the same will
improve.

•Misleading advertisement will be penalized preventing the consumers

from making bad decisions.
•Investor sentiment will be positive
and the real e s t a t e will s e e growth.

•Credible builders and developers

will encourage the buyers to buy
property in Mumbai.

•Commercial property for sale in Mumbai is already on the

upward trend and the implementation of RERA will
significantly improve its growth.
 Magic Abode
Ma g i c a b o d e . c o m wa s
fo u n d e d i n 2 0 1 6 r e g i st e r e d
un d e r " L L P A c t 2 0 0 8 “
Our Founder has over 30
y e a r s o f e xp e r i e nc e i n r e a l -
estate.
W e h av e e x t e n si v e
d a t a b a s e o f R ER A
r eg i st er ed
pr oper t ies a n d
b es t r e s i d e n t i a l
a n d c o mme r c i a l
p r o j e c t s l i st i n g .
W e a r e t h e m o st
t r u s t e d r ea l e s t a t e
ma r k e t p l a c e i n
M a h a r a sh t r a .W e h el p
c u s t o m e r s g e t b es t
pr oper t ies w it hout
a n y h a ssl e s.