Money in bank in 24 hoursApply now
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.
Under the Real Estate (Regulation and Development) Act, 2016, every Indian state must have its own Real Estate Regulatory Authority.
RERA overseas the protocols in the real estate industry and initiates quick dispute redressal. Maharashtra is the first state to implement RERA in full swing via Maharashtra Real Estate Regulatory Authority or MahaRERA.
The RERA Act in Maharashtra functions on the following objectives:
1. Bring optimum transparency in the sale of plots, apartments and buildings.
2. Protection of customers’ interest in real estate transactions.
3. Initiate fast dispute settlement with a settling method.
4. Formation of the Appellate Tribunal to receive complaints from buyers.
In Maharashtra, every residential and commercial project must mandatorily get registered under MahaRERA. No promoter or developer is permitted to advertise, sell or book their real estate projects otherwise.
So far, the state alone has processed over 18,000 applications, making up for more than 60% of the RERA applications in India. Also, MahaRERA dealt with close to 2,387 complaints in the previous year.
Initiated by the Indian Government, RERA supervises the regulations in the real estate industry and quick settlement of disputes. According to the Act, every state and union territory in India must establish its own RERA to protect the consumers’ interests and enhance transparency in the sector.
It is mandatory for every promoter and builder to get their projects registered under RERA of their respective state. Consumers must also ensure to purchase only RERA registered properties because of significant reasons.
• Non-registered real estate projects are considered illegal, and buyers may face difficulties in the future.
• On approaching the regulatory body for redressal, such buyers may be questioned on purchasing an unregistered property.
• Promoters shall pay penalty for non-registration along with imprisonment in extreme cases.
Developers must mention the registration numbers of their projects in all their promotions, confirming their compliance with the regulatory body. These mandates are essential to meet the objectives of RERA – transparency in the sector, protection of interests, fast-tracking dispute settlement, minimizing project hand-over delays, etc.
Besides being the first state to implement RERA in full swing, here’s what makes MahaRERA act unique.
MahaRERA act 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.
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.
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 MahaRERA act online. 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.
Some of the noteworthy policies undertaken by MahaRERA act 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.
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 impact on real estate in Maharashtra is certainly adding to investor and homebuyer confidence.
Bajaj Finserv brings you pre-approved offers for personal loans, home loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Done with Bajaj Finserv.
What did you dislike?
What did you dislike?
What did you like?
What did you like?
What did you like?