A Reason to Cheer for Buyers Searching For Real Estate Projects in Mumbai

The Maharashtra government, in the interest of those who want to invest in projects in Mumbai, is actively taking action against property dealers who promote faulty or flawed projects. Many of those who have bought flats in Mumbai the completion of which is behind the scheduled completion date are agonizing over the delay in the handover of their home. 

In short, the Government of Maharashtra not only intends to punish agents who actively sell projects that are stalled or abandoned but also intends to punish agents if flats in Mumbai sold by them are in projects that are delayed.

Before the Bill Becomes an Act and Impacts Consumers

The government of Maharashtra intends to wait until the draft of the mentioned bill is approved and shall then invite objections and suggestions before the bill becomes an act. Many builders and developers in Mumbai view the proposed act by the state government in a positive light as they believe that such an act will lead buyers to be more confident when dealing with agents. When agents face the potential of facing huge fines if they try to cheat or mislead their customers then they would resist from doing so. 

Many of those searching for luxury flats in Mumbai may have channels which allow them to remain confident when conducting a real estate deal, however for first-time buyers eagerly looking for flats for sale in Mumbai an agent is the only source of information.

Synchronizing RERA with State Laws

Such developments are only the first stage of a larger program which will fine tune the state government’s rules to implement the Real Estate Regulatory Act which came into effect in May of this year. As per plans, a state-level regulatory body will put in place to regulate the real estate sector and which will also be responsible for settling disputes within a stipulated timeline. 

Many projects in Mumbai and in much of Maharashtra are in a tentative state which means they do not yet have the necessary approvals and thus construction may not resume in a timely fashion. In some cases, builders in Mumbai and across Maharashtra have stated they lack the necessary funds to commence work on their development.