Understanding RERA Maharashtra
Buying a home is the largest financial decision most families will ever make. And for too long in India, it was also one of the riskiest — with project delays, incomplete disclosures, and developers diverting funds being common complaints. RERA changed that.
The Real Estate (Regulation and Development) Act, 2016 — and Maharashtra's implementation of it through MahaRERA — gives homebuyers legal protections that simply did not exist before 2017. At The Bafna Group, we are fully RERA-compliant across all projects. This post explains what that means for you as a buyer.
What RERA Requires from Developers
Under RERA, every residential project above a certain size must be registered before sales can begin. Registration requires the developer to disclose:
- Approved plans and layout — the building must be approved before being sold
- Completion timeline — a committed possession date that the developer is legally bound to
- Financial details — 70% of buyer funds must be deposited in a separate escrow account, used only for construction of that project
- Quarterly project updates — developers must update progress on the RERA portal regularly
- Carpet area (not super built-up) — pricing must now be disclosed on carpet area basis, eliminating one of the most common sources of buyer confusion
Your Rights as a Buyer Under RERA
If a RERA-registered developer fails to meet their obligations, you have recourse:
- Delay in possession — you are entitled to interest on the amount paid, calculated at the SBI MCLR rate + 2%, for every month of delay
- Structural defect — any structural defect reported within 5 years of possession must be rectified by the developer at no cost
- False representation — if the delivered property differs from what was promised, you can claim compensation
- Withdrawal — if you wish to withdraw due to developer default, you are entitled to a full refund with interest
How to Verify a Project's RERA Registration
Verification takes two minutes:
- Visit maharera.maharerait.com
- Go to "Registered Projects" and search by project name or RERA number
- Check the registration status, completion date, and promoter details
Bafna Group RERA registrations:
- Bafna Horizon, Opera House — RERA: P51900080125
- Bafna Avenue, Khetwadi (completed) — RERA: P51900031232
We encourage you to look us up and verify every detail disclosed there.
The 70% Escrow Rule: Why It Matters
Before RERA, a common developer practice was to use funds collected from Buyers in Project A to fund construction of Project B — leaving Project A underfunded and delayed. RERA's 70% escrow mandate broke this cycle. Money you pay for a specific project must stay in that project's account, withdrawn only against certified construction milestones.
This is one reason we at Bafna Group emphasise our track record: Bafna Avenue received its Occupancy Certificate in August 2023 — on schedule, fully funded, no litigation. That history is your assurance for what comes next.
Questions to Ask Any Developer Before Signing
- What is your RERA registration number and what does the MahaRERA portal show?
- What is the committed possession date and what happens if you miss it?
- Can I see the approved floor plan and confirm it matches what is being shown to me?
- Is the pricing basis carpet area or super built-up area?
- Do you have any pending litigation on this or previous projects?
- Can I visit a completed project you have delivered?
We are happy to answer every one of these questions. Reach out to our team here.
Explore Our Projects
Once you feel informed and protected, the exciting part begins — choosing your home. Our three ongoing projects serve different buyer profiles:
- Bafna Horizon, Opera House — Sea-facing 2 BHK, 2.5 BHK, 3 BHK with Coastal Road access (read the neighbourhood guide)
- Bafna Siddhgiri, Matunga — Exclusive 3 BHK with Five Gardens views (read the Matunga guide)
- Bafna Pride, CP Tank — Pillarless homes for family living (read about pillarless design)
And for a broader market perspective before you decide, read: South-Central Mumbai: A New Chapter in Luxury Demand.
This post is for informational purposes only and does not constitute legal advice. For specific legal queries regarding RERA, consult a qualified real estate lawyer in Maharashtra.