Mumbai and Pune were the two biggest markets for house sales in India for the second quarter of 2020, representing more than 50% of the total residential property sales. Although property sales have plummeted drastically this year due to the economic slowdown, this sector is expected to recover soon, especially in states like Maharashtra.

The state has adopted the new Real Estate Regulatory Authority bill, following which the prospects of buying residential properties here have become easier and more transparent. If you are a first-time homebuyer, understanding the various features, facilities, and uses of MahaRERA can aid you immensely.

MahaRERA registration: What is it?

Under the RERA Act Maharashtra, builders and real estate companies must register themselves at the dedicated web portal. Only registered individuals and entities are allowed to handle the construction and sale of housing projects across this state. Upon successful completion of this registration, property developers will receive a unique ID and number.

One of the most useful aspects that you need to know about MahaRERA in Maharashtra is that, as a homebuyer, you can check the registration status of your concerned builder from this official RERA portal. Thus, using this portal, a potential buyer will know which agents or builders he/she can trust.

Besides the registration status, one can also check whether a real estate agent or builder has maintained honesty in all of his/her past dealings. Moreover, apart from these registered agents, this online portal also reveals pertinent details regarding all of the housing projects approved and/or under construction.

How to check the registration status for agents?

If you need to verify the registration status for a real estate agent, you can follow the steps mentioned below –

• Step 1: Log in to the MahaRERA official website.
• Step 2: Navigate to and click on the ‘Registration’ option.
• Step 3: Select ‘Registered Real Estate Agents’.
• Step 4: You can either search for an agent by name or by using his/her RERA registration number.
• Step 5: From the displayed results, click on the ‘View Details’ option to acquire a detailed report about a specific agent or entity.

With such an ability to check for registered agents online, RERA Maharashtra has significantly increased convenience for property buyers. Another benefit that first-time homebuyers can experience with RERA is that they can easily search for registered projects online.

The process to check for registered housing projects on MahaRERA website

Individuals searching for sanctioned and government-approved building projects in Maharashtra can do so via the RERA platform as well. One simply needs to follow these steps –

• Step 1: Log in to the MahaRERA website.
• Step 2: Choose ‘Registration’ and select ‘Registered Projects’ under it.
• Step 3: You will need to enter the promoter name, project name, and agent’s registration number in the page that opens next.
• Step 4: Click on ‘Search’ after entering all of these details.
• Step 5: A page for your searched project will appear on the screen, followed by a ‘View Details’ option. Click on this link to gain access to relevant information about the project in question.

You can check various details from this online portal. For instance, such a search will yield pertinent details regarding a project’s possession date, type, location details, and more.

Benefits of the MahaRERA Act

Now that you are aware of the procedure to check registration status using the official RERA portal, you also need to consider its various benefits to maximise its use –

1. Verifying the integrity of agents

Homebuyers can enter into a deal after extensive study of related facets, including a background check on the real estate agent concerned. All authorised agents will possess a RERA registration number, using which you can determine his/her track record from previous property sales.

2. Acquire important details of the property

Previously, property buyers often remained in the dark regarding the status or completion date of housing projects for too long. However, with MahaRERA adoption, such individuals can now acquire complete information regarding their properties. Additionally, with the introduction of carpet area measurements, builders can no longer quote the built-up area for a residential property.

Today, most lenders extending home loans to eligible candidates in Maharashtra call for RERA approved properties only. Thus, if you are trying to avail such housing credit for a non-RERA registered property, you may face severe challenges.

Renowned HFCs might also provide pre-approved offers to simplify the loan availing process, making it faster. These offers are available on various financing options, such as loans against property, home loans, and more. You can check your pre-approved offer by providing a few necessary details.

The importance of RERA is one of the critical things to know before taking a home loan. Such knowledge should make this entire process much smoother and ensure rightful property ownership.