Understanding RERA Regulations in Pune Real Estate

Pune’s real estate market is fast-growing and complex. The home-buying process is fraught with legalities and paperwork. Given these facts, home buyers face challenges that must be navigated carefully. RERA or Real Estate Regulation and Development Act is a regulation designed to empower homebuyers and investors to streamline the process ensuring fair practices to protect the interest of property buyers.

What is RERA?

RERA came into practice in May 2017 with rules to save homebuyers from fraudulent practices that were prevalent before the act. The regulatory body oversees the real estate transactions supporting homebuyers and investors in their real estate journey. Known as the MahaRERA in Maharashtra, it has been a game changer for the real estate sector. 
How does RERA help property investors and buyers?

The key benefits of RERA are :

1. Increased Transparency

Developers in Pune must mandatorily register their projects with MahaRERA and provide important project details like project plans, approvals, permissions, carpet area details, and timelines on the official website. Property buyers can make informed decisions and do not have to depend on the builders in Pune.

2. Protection From Delays

Developer is mandated to meet deadlines as declared on the RERA website failing which they are liable to heavy penalties. This ensures that the buyer is protected from delays and financial losses.

3. Dispute Resolution

The act ensures that any disputes between the parties are resolved faster in a fair and transparent mechanism which would earlier take many years to get through.

What should Punekars know?

Some important points that every property buyer in Pune should know are :

1. Verification

The property buyer should verify all the claims made by the builders in Pune by cross-checking them on the RERA website. The developer's details can also be found on the website which confirms their legitimacy for residential and commercial projects in Pune. 

2. Carpet Area 

RERA mandates the sale of properties based on the carpet area which is the net usable floor area of the apartment’ that does not include external walls, service shaft areas, balconies and verandas, and terrace areas. Developers may quote the built-up or super-built-up area and hike the prices which is not legal.

3. Agreement Review

RERA mandates standardized agreements that clearly outline the payment details, possession timelines, and other crucial details. These details should be carefully reviewed and understood before signing.

4. Rights and Responsibilities

RERA empowers property buyers with rights like demanding a refund of the deposited amounts or penalties in cases when the project is not delivered as per timelines. The developer cannot demand more than a 10 % deposit from the buyer or make any changes to the preapproved plans without the consent of the buyer. It is important to be aware of all rights and enforce them if needed. 

RERA is a significant step by the government to ensure transparency and security in the real estate market. Punekars can navigate the process of owning property by knowing their rights and making the most of the resources available with MahaRERA.