RERA is the real estate regulator that has been introduced in the country with a view towards bringing in greater transparency, developer accountability and upholding buyer rights. MahaRERA is the version of the law which is applicable for the State of Maharashtra. As per the Real Estate (Regulations and Development) Act of 2016, all States have to set up their regulatory authorities for taking care of issues arising from real estate transactions. All sections of the Act were implemented in Maharashtra from the 1st of May, 2017. MahaRERA (Maharashtra Real Estate Regulatory Authority) came into being from March 2017 onwards for the promotion and regulation of the real estate industry.
All ongoing residential and commercial projects have to be registered under MahaRERA and developers/promoters cannot book/sell/advertise projects until they are MahaRERA compliant. The authority takes care of developer disclosures, project registration, consumer complaints and agents. A customer can file a complaint with MahaRERA or the adjudicating officer in case of any non-registered or registered real estate projects which violate the regulations. The real estate regulator ensures higher accountability of developers towards their customers in a bid to protect the final consumer’s interests and usher in more transparency in transactions. The authority also works to lower project delays and fast-track resolution of disputes along with boosting overall confidence of investors in the realty sector.
Under MahaRERA, prospective buyers can check out projects online for learning about their developmental status and expected completion date. The search results give you the type of project, proposed completion date, status, whether subject to any litigation, type of project, its address, sanctioned and proposed buildings, number of flats booked and FSI information. Since the payment of fees and registration is done online through MahaRERA, you can view data on the number of projects that have been registered and permissions that have been given along with complaints that have been registered and resolved. MahaRERA has already passed orders for 2, 370 out of 4, 090 complaints received as per reports.
Buyers are guided with regard to making an informed decision. No real estate developer can take more than 10% of the cost as an advance until the sale agreement has been registered. They are also liable to pay interest for each delayed month till the handover of the project. Buyers are also expected to pay developers in a timely manner. The authority also uploads all projects registered throughout the State on a map online to help people view these projects that are being constructed and the amenities offered prior to visiting the project site.
