By Arosh John | Real Estate Consultant | Founder – John Real Estate Leading Real Estate Agent in Thane | Editor-in-Chief – Thane Real Estate News
Introduction
Buying a home is one of the most important financial decisions of your life. Yet, the process can feel overwhelming, especially with the flood of advertisements and promises made by developers. Thankfully, MahaRERA (Maharashtra Real Estate Regulatory Authority) exists to protect buyers, bring transparency, and ensure accountability in real estate.
This guide is designed to give you a step-by-step checklist of what to verify before booking a new project, how MahaRERA safeguards you, and what remedies are available if things go wrong.
What MahaRERA Ensures for You
- Mandatory Registration: No project can be marketed or sold without MahaRERA registration.
- Carpet Area Standardization: Price is based only on RERA-defined carpet area, not inflated “super built-up” figures.
- Advance Cap: Developers cannot collect more than 10% advance before a registered Agreement for Sale.
- Escrow of Buyer’s Money: 70% of collections go into a separate bank account, withdrawn only for land and construction.
- Timely Possession: If delayed, you can either withdraw with refund + interest or stay and claim monthly interest until handover.
- Structural Guarantee: Builders must fix any structural or workmanship defect reported within 5 years of possession.
- Interest Parity: Both buyer and developer pay the same interest rate for delays—SBI’s highest MCLR + 2%.
- Truthful Advertising: All ads must carry the MahaRERA registration number & QR code, with no misleading claims.
Checklist Before Booking
- Verify the Project: Search the MahaRERA portal, confirm the project’s registration number and exact phase/tower.
- Check Approvals: Look for commencement certificates, sanctioned plans, legal title reports, and encumbrance-free status.
- Review Uploaded Documents: Download the draft Allotment Letter and Agreement for Sale; compare with the sales team’s promises.
- Possession Date: Note the possession timeline on the portal, not just in brochures.
- Advance Payment: Do not pay more than 10% advance until the Agreement for Sale is registered.
- Carpet Area: Confirm the exact RERA carpet area disclosed on the portal.
- Variation Clause: Any difference in carpet area must be within 3%, with refund + interest if reduced.
- Defect Liability: Ensure the agreement mentions the 5-year defect liability clause.
- Bank Account Disclosure: Confirm the project’s 70% escrow account declaration.
- Track Updates: Quarterly progress updates are mandatory on the MahaRERA portal—keep monitoring.
Red Flags to Avoid
- Project not traceable on MahaRERA portal.
- Sales teams asking for more than 10% before a registered Agreement.
- Brochures showing amenities not listed in uploaded disclosures.
- Developer avoiding sharing the draft Agreement.
Buyer Remedies Under MahaRERA
- Refund + Interest + Compensation if the project is abandoned or possession is delayed.
- Monthly Interest if you choose to stay invested despite delay.
- Conciliation Forum: Quick resolution through MahaRERA’s conciliation process.
- Formal Complaint: File online on the MahaRERA portal; orders and judgments are public.
Conclusion
With MahaRERA in place, the power is back in the buyer’s hands. If you follow this guide and use the MahaRERA portal actively, you can avoid risky projects, demand accountability, and invest with confidence.
About the Author
Arosh John — Realtor & Editor, Thane Real Estate News (TREN); Founder, John Real Estate (MahaRERA-registered, ISO 9001:2015). With over a decade of expertise, Arosh specializes in Thane’s micro-markets, luxury villas, resale & NRI transactions, and research-driven advisory.
Editorial Standards
This article is published under Thane Real Estate News (TREN) and authored by John Real Estate. It is based on official provisions of the Real Estate (Regulation and Development) Act, 2016, the Maharashtra Rules, and MahaRERA circulars/orders. All content has been researched and fact-checked at the time of publication to ensure accuracy. This guide is for educational purposes only and should not be considered legal advice. Logos, trademarks, and brand names (if mentioned) are the property of their respective owners and are used solely for informational/editorial purposes.
