MahaRERA, launched in 2017, regulates Mumbai's real estate sector to ensure transparency and protect homebuyers. It mandates that all projects over 500 sq. meters or with eight or more apartments be registered before sale. Developers must also deposit 70% of funds into an escrow account to prevent misuse.
MahaRERA requires standardized sale agreements and provides a grievance redressal mechanism for quick resolution of buyer complaints. Non-compliance results in significant penalties, ensuring developers adhere to the rules.
By enforcing project registrations, timely possession, and legal protection, MahaRERA boosts market confidence and safeguards buyers' interests. Buyers can easily verify project details and compliance through the MahaRERA website.
