All You Need to Know About MahaRERA in Maharashtra

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All You Need to Know About MahaRERA in Maharashtra

  • Highlights

  • Maharashtra was the first state to implement RERA

  • It handled over 60% of all RERA applications in India

  • Dadra & Nagar Haveli, Daman & Diu come under MahaRERA

  • MaheRERA’s website is easy to navigate

The Real Estate (Regulation and Development) Act, 2016 came into force from May 2017. Among the Act’s key objective is the regulation of the real estate industry in every nook and corner of the country. Every state in India has its own RERA authority that oversees and regulates the real estate sector in the state. Maharashtra’s RERA or MahaRERA, as it is called, has been very active since its launch. Besides being the first state to implement RERA in full swing, here’s what makes MahaRERA unique.

1) Number of applications processed

MahaRERA has been functional since May, 2017, much before other state authorities formed their regulatory body. It handles RERA registrations in Dadra and Nagar Haveli and Daman and Diu too, and till date, it has processed more than 18,000 applications. This makes up well over 60% of the total RERA applications handled in the country.

2) Number of grievances redressed

In the past year, the regulatory authority has handled around 2,387 complaints of which over 2,000 appellants have completed the appeal process and around 1,200 of these were resolved. This is a large number, and speaks of the body’s reach and convenient communication channels for homebuyers.

At the same time Maharashtra RERA, along with developers' bodies such as NAREDCO, CREDAI and MCH land, representatives of the Mumbai Grahak Panchayat and the Maharashtra Chamber of Housing Industry have formed the MahaRERA Conciliation and Disputes Resolution Forum as an alternate forum for redressing grievances from homebuyers like you. The objective of having another forum according to MahaRERA officials is to create a level playing field for both buyers and builders.

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3) How MahaRERA website differs from the rest

The Maharashtra RERA website is said to be the most consumer-friendly among the other RERA websites. It helps you find minute details about the projects undertaken under the scheme. This allows you to make a more informed decision regarding your real estate investment. The Maharashtra RERA website mentions up-to-date information on current projects as well as new projects covered under the scheme. For instance, you can easily get information on the building plan, number of parking spaces allotted for a particular project with just a click on the MahaRERA website.

The website also gives you a pretty fair idea of when you can expect possession of you house, flat, or apartment as it contains the completion date as well as the revised completion deadlines, if any. You can also check the credibility of brokers of different projects here. Knowing when your project is going to be completed also enables you to decide whether you can take a home loan. Check the loan amount you are eligible for by using the Home Loan Eligibility Calculator on lender websites such as Bajaj Fiserv and pave the way of easy housing finance up to Rs.10 crore.

4) Buyer-friendly policies

Some of the noteworthy policies undertaken by MahaRERA was the ban on advertisements of any developer’s projects until it was registered. Secondly, once builders cross the 3-month extension deadline of completion, they are prohibited from requesting further extensions, and instead have to pay fines up to Rs.10 lakh. Some of the policies are also beneficial to developers such as the one where MahaRERA allows developers to make corrections even after they get the signed RERA certificate of their property.

Challenges ahead for MahaRERA

The MahaRERA has gone far in both streamlining itself as well regulating the real estate industry in Maharashtra, Dadra and Nagar Haveli, and Daman & Diu. However, there is still a lot of ground to be covered. It lacks, for example, information on the pricing of an apartment or escrow accounts.

Being the first to administer such a big change, RERA in Maharashtra is certainly adding to investor and homebuyer confidence.

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