RERA stands for ‘The Real Estate Regulation and Development Act’ and has finally became effective in India from May 1, 2017. RERA is an Act passed by the Indian Parliament that seeks to protect the interests of home buyers and boost investments in the real estate sector.
For years, home buyers have questioned real estate transactions with criticisms pointing to how transparency was lacking and laws that leaned heavily in favor of the developers. RERA and the government’s model code, aimed to create a more reasonable and fair transaction between the seller and the buyer of properties, especially in the prime market.
The most positive aspect of this act is that it provides a unified legal regime for the purchase of flats, plots, and apartments, and seeks to standardize the practice across the country.
With such a boost, property markets are rising rapidly. One such city being Mumbai. For the past few years Mumbai has seen a drastic downfall in the real estate market but the situation is now improving with upcoming progressive projects.
Hiranandani’s township project in Mumbai is one that stands out from the rest. As forerunners of global community townships, The Hiranandani Group endures to transform city landscapes. Years ago, when Mumbai did not look beyond Bandra and Chembur, they spotted barren quarry land in Powai and foresaw the potential of creating a well-planned township in its place.
With spacious and airy apartments, elegant towers, neo-classical construction and luxurious apartments, Hiranandani communities has top-of-the-line infrastructure and amenities. Nestled within plush landscaped gardens, the Hiranandani projects in Mumbai are complete with every facility you desire. From world-class hospital, schools, hypermarkets and retail stores, to luxury amenities like an ingenious clubhouse, swimming pools, a gym, yoga areas and multiple sports facilities, Hiranandani Parks is designed to cater to all your needs, and then some more.