Real Estate Regulation and
Development Act or RERA, implemented in the month of May this year brought big
changes in the real estate sector. The Ongoing Projects in Mumbai should now be registered with the regulatory authority
within the stipulated time period of 3 months. All the project details must be
uploaded on the RERA website and regular update of the progress of the
projects, occupation and certificates must be provided.
So, what do all these changes mean
to a first time home buyer in Mumbai? We have pointed out 5 tips which will
help you find your dream home at any of the
upcoming residential projects in Mumbai.
Find them below:-
Find them below:-
1. Determine the real cost of the property
If you buy a ready possession flat in Mumbai, make sure that the residential project is first of all RERA registered. Now RERA act clearly has put the ball on the court of developers regarding home maintenance. It is now the responsibility of builders to fix structural defects up to 5 years. As a buyer, you must keep up with these guidelines before buying flats in Mumbai.
2. Location & Property valueIf you buy a ready possession flat in Mumbai, make sure that the residential project is first of all RERA registered. Now RERA act clearly has put the ball on the court of developers regarding home maintenance. It is now the responsibility of builders to fix structural defects up to 5 years. As a buyer, you must keep up with these guidelines before buying flats in Mumbai.
While the location is always the key for a great real estate investment, you should also be aware of the property value or the appreciation rate of residential projects. One problem buyer usually face is the non-completion of residential projects at a particular location. Always, check beforehand that the projects are located in places where there are not any chances of obstacles like the environment clearance or civilian occupancy issues etc.
3. Possession
With RERA act working, the builders are compelled to specify the time it will take to complete projects. This will let you breathe easy since you will now know the date for the final possession. As first time buyer, you must check the status of the projects on the RERA website regardless of what the builder has promised.
With RERA act working, the builders are compelled to specify the time it will take to complete projects. This will let you breathe easy since you will now know the date for the final possession. As first time buyer, you must check the status of the projects on the RERA website regardless of what the builder has promised.
4. Amenities
There are significant changes now in the way the carpet area pricing is done. There are several regulations put in place which will enable buyers to get correct details regarding the size and area of the flats as well. In other words, reliable data of the project will be provided to you.
You
must go through all the details of the project and determine your happy abode. There are significant changes now in the way the carpet area pricing is done. There are several regulations put in place which will enable buyers to get correct details regarding the size and area of the flats as well. In other words, reliable data of the project will be provided to you.
5. Trust
Yes, the good old trust. You must note that after RERA,
there are many small builders who have merged with big brands. Therefore, you
will find that many of the New Residential Projects in Mumbai won’t have the brand names associated with
it anymore. This is the reason why trust becomes important even today.
First-time buyers, if you have any grievances, be assured that you can approach RERA authority for the same.
If you are looking for the best properties in Mumbai, choose the most trusted builder, Unique Shanti Developers with RERA registered projects and properties all across Mumbai. Visit for more details: www.uniqueshanti.com.
First-time buyers, if you have any grievances, be assured that you can approach RERA authority for the same.
If you are looking for the best properties in Mumbai, choose the most trusted builder, Unique Shanti Developers with RERA registered projects and properties all across Mumbai. Visit for more details: www.uniqueshanti.com.
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