MahaRERA gives Home Buyers the much needed confidence
It’s first time ever in the History of Real Estate in India that the home buyers rights are protected and their investments or decisions to buy real estate are in safe hands now.
MahaRERA Latest Verdict
RERA in a short span of time since it was applicable from 1st May 2017 has proved its mettle and it can be seen as an able body to address the issues faced by a Property Buyer in a positive and practical manner.
With MahaRERA home buyers can expect redressal across the table in a few days, than going for a long drawn legal battle in courts which was the only resort to home buyers.
All these years, the buyers were getting into a submissive mode and not get into any legal tussle with the developers facing challenges like forfeiture of their money or other issues in regards to the possession, in case they went filed a legal case/complaint against them.
RERA has made that change and the decision to waive off 5% of the consideration value payable on possession in the highlighted case with Sheth Infraworld by Mr. Gautam Chatterji – Chairman – MahaRERA will go a long way in further augmenting the much needed confidence in the real estate industry by Property Buyers.
Please read this article for a complete understanding of the case.
This decision makes me very happy and confident as a Realtor and this landmark decision is a boost of confidence to our entire fraternity.
We as realtors have an advisory role in a transaction and when things fall out of place in future, we cannot do much because we have a limited role to play.
We can now with more confidence recommend projects/properties to Property Buyers without any worry of loss of investment.
MahaRERA in the above case has made a very practical call in favour of the Home Buyer and heard both sides and then given a judgement.
Sandeep Sadh – Managing Director – Founder – Mumbai Property Exchange.com