India is no stranger to the real estate sector, and we have seen a plethora of changes in this industry over the years. Be it the rise of co-working spaces or smaller housing units; there’s always something new coming up that changes the way Indians buy, sell, and rent residential properties. But recently, the entire game changed: the introduction of MahaRERA (Maharashtra Real Estate Regulatory Authority).
This regulatory body has been an absolute game changer for buyers and sellers alike, and in this article, we will explore how this body has revolutionized India’s real estate market. We will also look at other ways MahaRERA is making its mark on Indian real estate regulations.
Experience exceptional service from our experts! Contact us today!
Thank You
The Importance of RERA
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act that was passed by the Indian Parliament in the year 2016. The main objective of this Act is to protect the interests of home buyers and to boost investments in the real estate sector.
RERA ensures that all real estate projects are registered with the Regulatory Authority. It also prescribes certain mandatory requirements that developers must follow, such as making all project-related information available to buyers, timely completion of projects, and adherence to quality standards.
RERA has brought much-needed transparency and accountability to the real estate sector. It has helped restore buyer confidence and is gradually changing how business is done in this sector.
The Act has been a game-changer for the real estate industry and is expected to positively impact the economy as a whole.
Read More:
THE IMPACT OF RERA ON BUILDERS IN THE REAL ESTATE SECTOR OF INDIA
The Different Types of RERA
The different types of RERA are:
1. Residential
2. Commercial
3. Industrial
4. Agricultural
5. Special Economic Zones
6. plotted development
7. Co-operative housing societies
8. Layout approval and building plans
9. Rental Housing
10. Converged Model
What is MahaRERA?
MahaRERA is the Real Estate Regulatory Authority for Maharashtra, India. It was established in May 2017 under the Real Estate (Regulation and Development) Act, 2016 (RERA) and is responsible for regulating the real estate sector in the state.
Through MahaRERA, the Maharashtra government seeks to protect homebuyers, promote transparency and accountability in the real estate market, and ensure that developers comply with standards and deliver projects within the stipulated time frame. The Authority also provides an online platform for registering complaints and grievances regarding real estate projects.
The objective of MahaRERA is to protect the interests of consumers in the real estate sector and to promote fair practices by developers. It does this by ensuring that developers adhere to certain standards and norms and by providing a platform for dispute resolution.
MahaRERA has successfully brought about greater transparency and accountability in the real estate sector in Maharashtra. It has helped to boost consumer confidence and has resulted in more investments in the sector.
How Can MahaRERA Help You?
MahaRERA is the first regulatory authority for the real estate sector in India. It was set up by the Maharashtra Real Estate Regulatory Authority Act 2016. The objective of MahaRERA is to protect the interests of buyers and promote fair play in the real estate sector.
MahaRERA has helped to bring much-needed transparency and accountability to the real estate sector. It has helped standardize contracts and ensure developers adhere to agreed timelines. MahaRERA also provides a platform for buyers and sellers to resolve their disputes through mediation or arbitration.
If you are a buyer of a residential unit, MahaRERA can help you in the following ways:
1. You can check if the project has been registered with MahaRERA before booking a unit. This is important as MahaRERA rules and regulations govern only registered projects.
2. You will be given a copy of the sale agreement, which both parties must sign before booking a unit. This agreement contains all the details about the project, including the price, unit specification, delivery date, etc.
3. You can approach MahaRERA if there are any delays in possession or if the developer changes the originally approved plans without your consent. MahaRERA will take appropriate action against errant developers and help you get possession of your unit at the earliest possible time frame.
4. You can also approach MahaRERA if any grievance against the developer is not being addressed. The regulatory body will look into the matter and take appropriate action.
5. You can also file a complaint with MahaRERA if the quality of construction or other services provided by the developer is not up to mark. The regulatory body will investigate and take necessary actions to protect your interests.
Also Read:
RERA-LIZE YOUR RIGHTS: A STEP-BY-STEP GUIDE TO FILING RERA COMPLAINT
Important facts of MahaRERA Act 2017
The Maharashtra Real Estate Regulatory Authority Act, 2017 (MahaRERA) was introduced to protect the rights of buyers and developers in the real estate sector. The act was passed by the Maharashtra Legislature on 9th March 2017 and came into effect from 1st May, 2017. MahaRERA is a statutory body that regulates and promotes the real estate sector in the state of Maharashtra.
The key objectives of MahaRERA are:
– To ensure fair play between buyers and developers
– To protect the interests of buyers
– To promote transparency and timely delivery of projects
– To boost real estate investor confidence in the sector
Some of the important features of MahaRERA are:
– Registration of all ongoing and new real estate projects with MahaRERA
– Display of registered project information on the MahaRERA website
– Issuance of registration number to every registered project
– Appointment of Adjudicating Officer for dispute resolution
– Establishment of Appellate Tribunal for appeals against orders passed by MahaRERA
How to do MahaRERA project search
Maharashtra Real Estate Regulatory Authority (MahaRERA) was set up under The Real Estate (Regulation and Development) Act, 2016 and has been functional since May 1, 2017. MahaRERA is the regulatory authority for the real estate sector in Maharashtra and its objective is to promote fair play in the real estate sector and to protect the interest of consumers in the sector.
For any project registered with MahaRERA, project information is available on the website for public viewing. This includes all details about the project, such as location, developer details, type of units, carpet area, price list, stage of completion, etc. Consumers can use this information to comprehensively search projects before making a purchase decision.
To do a MahaRERA project search, follow these steps:
- Visit the website – https://maharera.mahaonline.gov.in/Home/ProjectSearch
- Enter the project name OR registration number in the search box
- Click on the ‘Search’ button
- A list of matching results will get displayed
- Click on the desired result to view detailed information about that particular project
MahaRERA registered projects in Mumbai
Since its inception in May 2017, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has registered over 5,700 real estate projects in Mumbai. This is a significant increase from the mere 1,200 projects that were registered with the authority in the first year of its operation.
The MahaRERA website provides a comprehensive list of all the registered projects in Mumbai, which can be sorted by location, builder, project type, and more. The website also provides detailed information about each project, including the registration number, project address, developer name, and contact details.
The MahaRERA registration process is designed to safeguard the interests of buyers and ensure that developers comply with all the necessary regulations. All developers must register their projects with MahaRERA before they can start selling or advertising them. They must also upload all relevant documents, such as plans and approvals, on the website.
The MahaRERA website is a valuable resource for buyers who want to make an informed decision about their purchase. It provides them with all the necessary information about registered projects in one place.
Read More:
HOW TO REGISTER PROPERTY IN THANE?
Filing MahaRERA complaints
If you have a complaint against a real estate developer registered with MahaRERA, you can file a complaint with the Authority. The process is simple and can be done entirely online.
First, you will need to create an account on the MahaRERA website. Once you have done so, log in and click the link -“File a Complaint.” You will then be asked to provide some basic information about your complaint, such as the developer’s name and the project in question.
Next, you must provide details about your complaint and upload relevant documents. Once done, click on the “Submit” button. Your complaint will then be reviewed by MahaRERA personnel and an action plan will be formulated based on the facts presented in the complaint.
If your complaint is accepted, MahaRERA will take appropriate action to resolve the dispute. You can track the progress of your case through your account on the website.
Once you have provided all of the necessary information, you can upload any relevant documents you may have. Once your complaint has been submitted, it will be assigned to a case officer who will investigate the matter and get back to you with a decision.
Why Is RERA Important for India?
Real estate has been one of the most unregulated industries in India. This has resulted in a number of problems for buyers, including delays in delivery, poor-quality construction, and issues with title deeds. The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to address these issues and to protect the interests of buyers.
RERA is important for several reasons. It ensures that developers comply with certain standards, such as timely delivery of projects, providing buyers with information about the project, and adhering to building plans and specifications. RERA also establishes an escrow account system to ensure that funds are used only for the purpose for which they are collected, and it provides a dispute resolution mechanism. RERA also requires developers to register their projects with the state government, allowing buyers to be informed about the project’s progress. Finally, RERA encourages more transparency and accountability in the real estate sector, improving consumer confidence in the industry.
Learn More:
HOW TO FIND THE BEST REAL ESTATE AGENTS IN MUMBAI
Conclusion
MahaRERA has brought much-needed transparency and accountability to the Indian real estate sector. By providing a platform for aggrieved homebuyers to get justice and by introducing regulations that ensure developers deliver on their promises, MahaRERA is making buying a home in India easier and simpler than ever before. If you’re looking to buy your dream house in Maharashtra or any other state where RERA is operational, now is as good a time as any!
Frequently Asked Questions:
1. How to check if project is MahaRERA registered?
You can check if a project is registered with MahaRERA by visiting the official website of the regulatory authority. On the homepage, you can find the ‘Project Search’ tab, where you can enter the project details and know whether it is registered with MahaRERA. You can also check for more information like registration number, details of builder, escalation clause and additional charges, etc.
2. How MahaRERA verify the documents?
MahaRERA ensures that all real estate developers adhere to the regulatory framework through a rigorous document verification process. All documents related to a project- layout plans, sale agreements, completion certificates, building permits, etc. must be authorised and verified by MahaRERA before they can be used in any legal proceedings. In this way, MahaRERA can uphold the trust of real estate investors, the middle class, and entrepreneurs.
3. Can I file a follow-up complaint in MahaRERA?
Yes, you can! If you have a follow-up complaint about any transaction or action taken by a real estate developer or real estate broker in Maharashtra, then you can file a follow-up complaint with MahaRERA. All necessary information and forms are available on their website to help you proceed with the complaint registration process.
