India’s real estate sector is fuelled by a positive economic growth and a healthy demand-supply chain. Mumbai contributes significantly to the rising curve due to higher demands of housing properties backed by increasing employment opportunities in this city and the credibility brought in by the Rera act of Maharastra or MahaRERA Act.
Financing the Purchase of Property
To purchase a property, you may opt for secured loans at affordable interest rates from reputed lenders. Such advances like home loans come with a long repayment tenor which keeps the EMI amount well within budget. Needless to mention, opting for a loan will eventually lead you to own the property in full faith post repayment of the loan.
The residential property will translate into a permanent asset that can be later used as collateral or sold off at a higher price considering the appreciating nature of the real estate sector.
Regulatory Authority in Maharashtra and its Benefits
The MahaRERA (Maharashtra Real Estate Regulatory Authority) governs the real estate market in Maharashtra. The authority has streamlined the process of buying residential and commercial properties by making it more transparent, easy, and monitored. From online acceptance of registration fees to solving complaints in the least possible time, MahaRERA has been instrumental in getting the entire process within its jurisdiction ever since its implementation.
Owning a property in a city like Mumbai gives you moral and financial security for the future, if the property is purchased for investment purposes. If that be the case, check the location, connectivity, builder/promoter goodwill, etc. before purchasing a property. All these factors contribute significantly to the appreciation or depreciation of real estate prices in future.
Availing secured credits from reputed lenders are the best way to acquire an asset without any unnecessary stress on your budget. Additionally, such credits come with attractive tax benefits on both the principal and interest payments under the Income Tax Act, section 80C and 24b.
However, do remember to evaluate the property to be purchased and read in the details about all you need to know about MahaRERA in Maharashtra to ensure a hassle-free transaction.