The data available on the MahaRERA website makes it one of the most detailed and informative among RERA websites deployed so far, thereby also making it one of the most potentially useful for end-users and investors to base their decisions on. The MahaRERA site provides consumers with a number of important details regarding ongoing residential real estate projects, and also new project launches, which were not available earlier. These details can help consumers in several ways, as long as they understand what data points to look for and how to interpret them. Here are some handy tips:
Details of approved FSI and the recreational open areas in each project are also mentioned. The developer must also submit all the approvals he has received for the project, including the land title search report, building plan approval, proforma of the allotment letter, etc. It is easy to search for these details on the MahaRERA website.
Some challenges remain – for instance, MahaRERA still does not provide information on the pricing of apartments. Also, the bulk of the data available is given project wise, making it challenging to collate and interpret it for a micro-market analysis. Yet another difficulty is that the data on the escrow accounts required to be maintained is not available.
Nevertheless, there is no doubt that MahaRERA has now armed consumers with a granularity of details on residential markets which was not available to them previously. As the RERA concept evolves further, keeping in mind that it a is a process and not an event, the available information will become even more useful.
Authored By: Ramesh Nair, CEO & Country Head, JLL India
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