Remember when we were kids, we always wanted to play in the sand? Our parents were always around supervising our every move, stopping us from getting our hands dirty and throwing sand in other children’s eyes. More than that, they were around just to make sure we didn’t get hurt. Imagine MahaRERA as the parent for real estate developers in Maharashtra.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body that governs the real estate sector in Maharashtra. The body does not permit the real estate developers to advertise, book or sell any real estate without registration under MahaRERA. Just like any other parent, overlooking the activities of real estate developers is part of their job. The body also offers a number of benefits to consumers, builders and real estate agents. After all, MahaRERA helps build trust in this sector, which, in turn, promotes growth. The blog speaks in length about the importance of MahaRERA to builders, customers and agents.
A FAIR PLAYGROUND FOR ALL BUILDERS
MahaRERA sets up fair proving grounds for all builders to operate smoothly in healthy competition. MahaRERA makes the builders adhere to the law and hardly provide any scope for any sort of misconduct in funneling funds collected from investors. MahaRERA has fixed down payment to 10% and when the builders are noncompliant with these protocols, the act attracts penal action of imprisonment up to 3 years along with a hefty fine.
The MahaRERA Act 2016 also imposes certain responsibilities on both promoter and allottees. It establishes a regulatory oversight mechanism to enforce contracts and fast-track dispute resolution. Imagine the parents trying to resolve a fight between siblings over who gets to sleep with the new teddy bear? The process is made that simple with MahaRERA.
EVERY BUILDER IS HELD ACCOUNTABLE
MahaRERA has made it mandatory for all builders to deposit 70% of all funds paid towards a particular project into a single account. The builders would be able to use that fund only for construction or the cost of land. MahaRERA also directs the builders to share periodic development reports to the regulatory authority. Remember how we used to show our progress cards to parents and they had this superpower to motivate us to do better, improve in our weak subjects and monitor our growth? MahaRERA is kind of that parent who holds us accountable for our actions and guides us to make better decisions.
ADDS TO TRUST
When a real estate developer gets a tag of MahaRERA, trust comes along with it. Though the percentage of trust differs from brand to brand, they trust that a real estate developer is monitored by a regulatory authority. The real estate developers further add to this trust by offering them projects with configurations that customers need.
At Pyramid Lifestyle, all our projects are approved by MahaRERA and there’s no doubt that the precision, passion and panache of our projects are ever in question. Pyramid Lifestyle is the amalgamation of the assurance of the brand, the trust earned through timely delivery, transparency in transactions, innovation and excellence in our every pursuit. We wouldn’t be wrong to say that having a parent like MahaRERA has definitely pushed us beyond our limits to deliver perfection to 300+ families.