Also, are there any lapsed projects in the name of the promoter. The delay in completion of past projects, number of pending cases and Recovery warrants issued against the promoter.Before investing in any under construction property, it is very important to view the Track record of the promoter.One has to keep in mind three things while buying any under construction property – Promoters, Project and Title. You will find this information under the Registered project option under the head Registration on the Promoters need to provide information to the RERA authorities, which are displayed on its website for the potential buyers to review and make an informed buying decision. All projects that are started need to be registered with RERA to be able to sell, advertise, market, book or purchase. Now, each state was required to create its own regulatory body under this act e.g., MahaRERA for Maharashtra. It also seeks to create a speedy redressal mechanism for disputes in this area. Real Estate Regulation and Development Authority(RERA), is a central Act that aims towards promotion of Real Estate and creating a transparent process for the sake of consumers and protecting their rights. The only way to ensure that you take a decision that is close to accurate is to make an informed decision. But is there a way to minimise this risk? In both the scenarios there is a tangible material loss that the home buyer has to incur. The biggest risk as a home buyer in an under construction property today is the risk of not receiving possession of your property or delayed possession. Further, we will also look at what are the things you need to keep in mind under the Income Tax Act to ensure that you manage your compliances and taxes well in future. In this article we will see how to make use of the MahaRERA website to be an informed home buyer and make the right choice. The underlying risk in this is that you might make a wrong choice. You have many options to select from that you are often spoilt for choice. Buying your dream home today is a gigantic task.
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