All flats for Sale in Mumbai have to be registered under RERA. The Builders, promoters are supposed to be RERA compliant and follow the guidelines and rules laid down by them. Visit to know more : http://magicabode.com/

1. RERA
A Positive Disruption a Flats for Sale in Mumbai

2. INTRODUCTION
The RERA -Real Estate
Regulation and Development
Act came into effect on May 1,
2017, in Maharashtra. It is one
of the best reform initiatives
causing positive disruption
for real estate in Mumbai. The
whole dynamics of buying and
selling property in Mumbai
has changed. Let’s look into
some key features of RERA
and its affect on real estate

3. W H A T RERA B R I N G S TO THE TABLE?
•Regulatory Authority -To look at all the areas covering real
estate dealings
•Transparency –The property buying and selling has become
transparent with all the right information to be provided by
builders and developers.
•Accountability –The Projects have to be completed within
the promised time frame or the builders face a penalty

4. •Stability – The real estate to be stable with proper payment
instructions by RERA for buyers as well as builders.
•Consumer Confidence- This will give boost to the consumer
to buy properties more confidently
•Rules- Specific rules to govern the interests of both buyer
and seller.
•Guidelines- Specific guidelines to follow while buying or
selling properties

5. COMPLAINT REDRESSAL
•An Appellate tribunal will look after the complaints and
disputes.
•The RERA will direct and order penalties in case there is a
violation of RERA guidelines.
•This will protect the buyers from cheating and fraudulent
builders
•This will help the buyers
who in the time past were at
the receiving end and
suffered losses as there was
no platform to address
grievances.

6. All flats for Sale in Mumbai have to be
registered under RERA. The Builders,
promoters are supposed to be RERA
compliant and follow the guidelines and
rules laid down by them.
These projects have to display the RERA
certificate on every flat for sale in Mumbai
along with the RERA registration number on
all advertisements and promotions.
RERA REGISTRATION

7. •The buyer who wants to buy residential property in
Mumbai will get accurate details regarding the possession
date of the project.
•The builder’s credibility can be assessed by the RERA
certification, a number of flats sold in the project, and other
specific details which will be available on the RERA website.
BUYER PROTECTION

8. Specific details about the carpet
area, flat amenities and other
information will be given by the
builders. This will help buyers to
make better decisions while
buying luxury 3 BHK/ 4 BHK flat
in Mumbai.
The penalty will be levied against those builders who do not finish
the project on time.

9. The liability for defects in
the property has been
increased from 2 years to
5 years.
Every change in the flat brought by the builder will be
notified to the buyer in advance. These changes will be
applied only after the permission from a majority of buyers
of that project

10. •The market has slowed down
because of the new rules and
regulations in place.
•The model and structure of the real
estate business are currently
undergoing a transformation.
•The real estate investment has
taken a cautious approach.
•This is expected to last until the
end of the year.
THE IMPACT OF RERA NOW

11. •Buying and selling properties has
become easy with proper standards
in place. This will streamline the
process of dealing with properties.
•The projects will be completed on
time and the quality of the same will
improve.
LONG-TERM IMPACT
•Misleading advertisement will be penalized preventing the consumers
from making bad decisions.

12. •Investor sentiment will be positive
and the real estate will see growth.
•Credible builders and developers
will encourage the buyers to buy
property in Mumbai.
•Commercial property for sale in Mumbai is already on the
upward trend and the implementation of RERA will
significantly improve its growth.

13. Magic Abode
W e a r e t h e mo st
t r u st e d r ea l e st a t e
ma r k e t p l a c e i n
M a h a r a sh t r a . W e h e l p
c u st o me r s g e t b est
p r o p e r t i e s w i t h o u t
a n y h a ssl e s.
Magicabode.com was
founded in 2016 registered
under "LLP Act 2008“
Our Founder has over 30
years of experience in real-
estate.
W e h av e e x t e n si v e
d a t a b a se o f R ERA
r e g i st e r e d
p r o p e r t i e s a n d
b est r e si d e n t i a l
a n d c o mme r c i a l
p r o j e c t s l i st i n g .