Secure ways to purchase a home under MahaRERA
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Under RERA, developers must deposit at least 70% of funds collected from homebuyers into a designated escrow account, to be used solely for land and construction costs of that specific project. The remaining amount may be used for other project-related expenses.
There are two major mistakes that first-time home buyers in Maharashtra make. Firstly, they treat the base price as the final price, as in Mumbai, additional costs like stamp duty, registration fees, GST, agent fees, and maintenance deposits can add up.
Another mistake is that builders often quote super built-up areas, which includes common areas like lobbies and stairs. You should always ask for the price based on the carpet area, as it is the actual usable value for you
**Disclaimer: Interest rates and market conditions are subject to change. This information is accurate as of July 2025 and is meant for informational purposes only. Please consult with certified financial advisors for advice specific to your situation. Home loan approval is subject to the bank's terms and conditions.
Credit at sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
To save buyers from many problems associated with purchasing a house, like delays in projects and hassles of dealing with builders, the RERA or Real Estate Regulatory Authority was enacted in 2016 and came into force in May 2017.. It improved coordination between buyers and builders and established rules and regulations to protect the rights of buyers. Therefore, if you are planning to buy a house in Maharashtra, it is advisable to purchase it under MahaRERA.
What is MahaRERA?
The Indian real estate industry has been booming for some time now, and to bring structure to it, the Real Estate (Regulation and Development) Act, 2016, was formed. It ensured that there is transparency, accountability and fairness in India’s real estate sector.
Every state in India has its own regulatory authority that follows this act, and for Maharashtra, this authority is known as MahaRERA, or Maharashtra Real Estate Regulatory Authority. It is a governing and regulatory authority that ensures that real estate transactions in Maharashtra are registered, and the developers disclose accurate project details to the public.
How does MahaRERA Protect the Interests of Homebuyers?
With MahaRERA, there is more transparency and accountability in the real estate sector. It gives buyers easy access to various details about upcoming projects like carpet area, amenities, track record of the developer, project completion date, and quality of construction, common areas, through the MahaRERA website. Also, under MahaRERA, homebuyers can claim a full refund of the advance amount paid for the home along with compensation if the project is delayed. Moreover, as lenders have more trust in projects under MahaRERA, it is easier to get approval on home loan applications.
Purchasing a House under MahaRERA
To purchase a house under MahaRERA, you need to -
Benefits of Buying a hHuse through MahaRERA
You can easily find government-registered housing agents
Every builder needs to be registered on RERA before they start a project. Therefore, the website of MahaRERA contains project details of approved builders. It is safer for you to buy a property with a MahaRERA registered builder.
You can find all the details in one place
On the MahaRERA website, you can find all information related to purchasing a property. It acts as a unified platform to find all details like planned projects, ongoing constructions, completion dates, government rules and regulations, etc.
You can know the carpet area and plan the sanction details
MahaRERA prohibits builders from modifying the sanction plan, carpet area or layout of the project without the buyer’s consent. Also, you can be assured that the project will be sold on the carpet area, as defined and mandated by MahaRERA, not super built-up area.
Conclusion
Buying a house is a dream that many harbour in their hearts. However, with the high real estate prices, sometimes it remains just a lifelong dream. With the ease of purchasing a house under MahaRERA, you can now fulfil this dream. Head over to Kotak Mahindra Bank’s website to apply for a home loan today.
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