Since the enforcement of the Real Estate (Regulation and Development) Act, 2017, most of the Indian states have started implementing it. The primary objective of this act is to regulate the real estate industry with similar rules and norms all over the country. Every Indian state establishes its own RERA body that regulates and controls state-encircled real-estate issues.
Nonetheless, MahaRERA or RERA of Maharashtra has been the first as well as the most active among all the states. It is a Self-Regulatory Organisation or SRO concept within the state of Maharashtra.
Objectives of RERA in Maharashtra
Here is all you need to know about the RERA act in Maharashtra-
This act introduces transparency in the real estate sector by registration of each agent and project.
Due to the clear instructions regarding the sale of the project, plot, construction, etc. it protects the buyer’s interest.
Another important objective of this act is to initiate fast redressal if any dispute occurs.
By building the Appellate Tribunal concept, it helps the buyer to file a complaint if any misconduct of business occurs.
In the state of Maharashtra, every real estate project is mandatory for RERA registration. Projects are not even permitted to advertise without being registered under this act.
What are the features?
Some of the features through which RERA is going to alter the real estate market are mentioned below -
RERA Maharashtra has received close to 11,000 complaints till 20th March 2020. Among this, the total number of complaints, 7800+ (72%) were resolved, and the remaining were in the process of hearing.
Protect the interest of buyers
As per MahaRERA, only the registered real estate projects are allowed to publish their advertisements. This increases the trust of buyers.
Furthermore, any delay in project completion is handled strictly. If a buyer rejects withdrawal from the project in the case of delaying, the builders are mandated to refund. This refund is calculated till the property is handed over from the date of delay with a monthly stipulated interest rate.
Builders and developers are required to deposit 70% of the entire amount that is paid towards a real estate project in one single account. Also, this amount can only be used for the construction of the respective project. Moreover, the builders are also required to report to the authority about the periodical progress of a project.
Transparency in business
With the introduction of MahaRERA, the state’s real estate sector has become significantly transparent. Regarding the occupancy or non-factual advertisements of the property, RERA has regulated this industry as per the buyers’ interest. Moreover, with the mandatory registration process, it enables the buyers to question about the development of a project.
To provide quick and easy user experience, the MahaRERA website is informative and easy to use. Individuals can check all required details like the facilities of their preferred property, expected date of possession, broker’s credibility, etc.
Along with the above, RERA in Maharashtra has also made availing housing loans for particular registered projects uncomplicated.
Lastly, MahaRERA act was introduced to provide an efficient real estate buying process to the citizens of Maharashtra. So, individuals must look for RERA-registered projects before investing. Most importantly, first-time home buyers should know the benefits they can experience with RERA in action.