The real estate industry in India has witnessed a transformative shift with the implementation of the Real Estate (Regulation and Development) Act, 2016. Designed to protect the interests of homebuyers and promote transparency, RERA has become a critical benchmark for developers seeking to build trust and credibility.
Among the real estate developers in India adhering to RERA’s norms, some stand tall as a leading real estate brand committed to delivering quality projects while ensuring compliance with RERA regulations. In this blog, we will delve into the significance of RERA, the reasons why real estate developers in India should follow RERA norms, and explore a few stellar projects approved by RERA.
What is RERA?
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted by the Parliament of India to regulate the real estate sector, protecting the interests of homebuyers. RERA aims to bring transparency, accountability, and efficiency to the real estate market, safeguarding the rights of consumers and promoting fair practices among real estate developers in India.
Under RERA, real estate developers in India are required to register their projects with the regulatory authority, disclose essential project details, adhere to specified timelines, and establish an escrow account to ensure that the funds collected from buyers are used solely for the designated project.
Why should real estate developers in India follow RERA norms?
- Increased Credibility: Compliance with RERA norms adds credibility and reliability to a real estate developer’s brand. Homebuyers are more likely to invest in projects that are RERA-approved, as they offer an added layer of assurance and protection.
- Transparency: RERA mandates real estate developers in India to provide complete project information, including layout plans, approvals, schedule of completion, and possession timelines. This transparency empowers buyers to make informed decisions and reduces the risk of fraudulent practices.
- Assured Quality: By adhering to RERA norms, real estate developers in India are accountable for delivering projects as promised. This ensures that the construction and overall quality of the project meet the specified standards, providing buyers with a sense of security and satisfaction.
- Timely Delivery: RERA’s stringent guidelines on project completion timelines ensure that real estate developers in India work diligently to deliver projects within the promised schedules. This helps in minimizing delays and boosting customer confidence.
- Dispute Resolution: RERA sets up regulatory authorities and appellate tribunals to address disputes between buyers and real estate developers in India. This streamlined dispute resolution mechanism ensures a fair and efficient process for conflict resolution.
About Mahindra Lifespaces
Mahindra Lifespaces, a part of the prestigious Mahindra Group, is a leading real estate developer in India that has embraced the principles of RERA to deliver unmatched value to its customers. With a legacy of over two decades, Mahindra Lifespaces has earned a reputation for developing sustainable and customer-centric projects that harmoniously blend modernity with nature.
Driven by a vision of creating vibrant and thriving communities, Mahindra Lifespaces is committed to adhering to the highest quality standards and transparency. The developer’s commitment to RERA norms has made it a trusted choice for homebuyers looking for an enriching and rewarding real estate experience.
Projects at Mahindra Lifespaces that are RERA Approved
| Location | RERA Approved Mahindra Lifespaces Projects | Units |
| Mumbai | Mahindra Happinest Kalyan – 2 Under Construction Mahindra Alcove, Chandivali, Under Construction Mahindra Happinest Palghar – 2, Under Construction Mahindra Happinest Palghar, Under Construction and Ready to Move in Mahindra Happinest Kalyan, Under Construction, | 1 & 2 BHK 2 & 3 BHK Studio & 1 BHK 1 & 2 BHK 1 & 2 BHK |
| Chennai | Lakefront Estates by Mahindra, Mahindra World City Mahindra Aqualily, Mahindra World City, Under Construction Mahindra Lakewoods, Chennai, Under Construction Mahindra Happinest, Mahindra World City, Under Construction | Plots up to 5000 Sq.ft 3 & 4 BHK 2 & 3 BHK 1 & 1.5 BHK |
| Pune | Mahindra Citadel, Pimpri, Under Construction, Mahindra Nestalgia, Pimpri, Under Construction Mahindra Happinest Tathawade, Under Construction | 2 & 3 BHK 2 & 3 BHK 1 & 2 BHK |
| Gurugram | Mahindra Luminare, Gurugram, Under Construction | 3 BHK |
| Alibaugh | Mahindra Meridian, Alibaug | Plots & Villas |
| Bangalore | Mahindra Eden, Bengaluru, Under Construction | 1, 2 & 3 BHK |
In a rapidly evolving real estate landscape, RERA has emerged as a cornerstone of trust and reliability for homebuyers in India. Developers like Mahindra Lifespaces have embraced RERA norms, setting a benchmark for others in the industry to follow. As homebuyers seek secure and transparent investments, RERA-compliant projects offer a sense of assurance and peace of mind.
Mahindra Lifespaces’ commitment to RERA not only reflects its dedication to delivering quality projects but also showcases the developer’s vision of fostering vibrant and sustainable communities. With a range of RERA-approved projects, Mahindra Lifespaces continues to redefine the real estate sector in India. They offer homes that are more than just brick and mortar – they are your abodes of trust and contentment!
