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A positive disruption a flats for sale in mumbai

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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. Visit to know more : http://magicabode.com/

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A positive disruption a flats for sale in mumbai

  1. 1. RERA A Positive Disruption a Flats for Sale in Mumbai
  2. 2. INTRODUCTION The RERA -Real Estate Regulation and Development Act came into effect on May 1, 2017, in Maharashtra. It is one of the best reform initiatives causing positive disruption for real estate 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 estate
  3. 3. W H A T RERA B R I N G S TO THE TABLE? •Regulatory Authority -To look at all the areas covering real estate dealings •Transparency –The property buying and selling has become transparent with all the right information to be provided by builders and developers. •Accountability –The Projects have to be completed within the promised time frame or the builders face a penalty
  4. 4. •Stability – The real estate to be stable with proper payment instructions by RERA for buyers as well as builders. •Consumer Confidence- This will give boost to the consumer to buy properties more confidently •Rules- Specific rules to govern the interests of both buyer and seller. •Guidelines- Specific guidelines to follow while buying or selling properties
  5. 5. COMPLAINT REDRESSAL •An Appellate tribunal will look after the complaints and disputes. •The RERA will direct and order penalties in case there is a violation of RERA guidelines. •This will protect 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.
  6. 6. 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 projects have to display the RERA certificate on every flat for sale in Mumbai along with the RERA registration number on all advertisements and promotions. RERA REGISTRATION
  7. 7. •The buyer who wants to buy residential property in Mumbai will get accurate 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. BUYER PROTECTION
  8. 8. Specific details about the carpet area, flat amenities and other information will be given by the builders. This will help buyers to make better 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.
  9. 9. The liability for defects 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
  10. 10. •The market has slowed down because of the new rules and regulations in place. •The model and structure of the real estate business are currently undergoing a transformation. •The real estate investment has taken a cautious approach. •This is expected to last until the end of the year. THE IMPACT OF RERA NOW
  11. 11. •Buying and selling properties has become easy with proper standards in place. This will streamline the process of dealing with properties. •The projects will be completed on time and the quality of the same will improve. LONG-TERM IMPACT •Misleading advertisement will be penalized preventing the consumers from making bad decisions.
  12. 12. •Investor sentiment will be positive and the real estate will see 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.
  13. 13. Magic Abode W e a r e t h e mo st t r u st e d r ea l e st 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 e l p c u st o me r s g e t b est p r o p e r t i e s w i t h o u t a n y h a ssl e s. Magicabode.com was founded in 2016 registered under "LLP Act 2008“ Our Founder has over 30 years of experience in real- estate. W e h av e e x t e n si v e d a t a b a se o f R ERA r e g i st e r e d p r o p e r t i e s a n d b est r e si 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 .

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