MahaRERA, also known as the Maharashtra Real Estate Regulatory Authority, is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. Its purpose is to protect the interests of homebuyers and commercial property investor promote transparency and accountability in the real estate sector in the state of Maharashtra, India. If you’re planning to buy a property in Maharashtra in 2023, here is what you need to know about MahaRERA:
- Registration of Projects: Under MahaRERA, it is mandatory for all real estate projects like Orion One32 and the project with more than 8 apartments or 500 square meters of area to be registered with the authority before they can be marketed or sold. The registration process involves providing project details, approvals, timelines, and financial information to ensure transparency.
- Promoter’s Obligations: Promoters (developers/builders) are required to provide accurate information about the project, such as layout plans, completion timelines, amenities, specifications, etc., at the time of registration. They must also maintain a separate bank account for each project to ensure that funds are utilized only for that specific project.
- Maharera Registration of Real Estate Agents: MahaRERA also regulates real estate agents operating in Maharashtra. Agents must register with the authority and comply with certain guidelines. This ensures that agents are accountable and provide accurate information to buyers.
- Transparency and Accountability: MahaRERA aims to bring transparency to the real estate sector. It requires promoters to disclose all relevant information on the MahaRERA website, including project details, approvals, progress, and any changes made to the project. This allows buyers to make informed decisions.
- Grievance Redressal: MahaRERA provides a platform for resolving disputes and grievances between homebuyers and promoters. Buyers can file complaints with MahaRERA, and the authority has the power to mediate, conciliate, or adjudicate the matter. In Noida the commercial project named Bhutani Cyberthum is also has a facilities to complaint. The authority aims to provide a fair and efficient resolution process.
- Standardized Agreements: MahaRERA has introduced the concept of a standard agreement between the promoter and the buyer. This helps protect the rights of the homebuyer and prevents unfair contractual terms.
- Project Delays and Compensation: MahaRERA aims to curb project delays by holding promoters accountable for timely completion. In case of delays, the authority can impose penalties on the promoter and also order compensation to be paid to the affected homebuyers.
- Ongoing Projects: MahaRERA also covers ongoing projects that were launched before the establishment of the authority. Promoters of such projects are required to comply with the registration and disclosure requirements.
- Promoters (developers/builders) are required to provide accurate information about the project, such as layout plans, completion timelines, amenities, specifications, etc., at the time of registration. They must also maintain a separate bank account for each project to ensure that funds are utilized only for that specific project.
- Registration of Projects: Under MahaRERA, it is mandatory for all the project with more than 8 apartments or 500 square meters of area to be registered with the authority before they can be marketed or sold. The registration process involves providing project details, approvals, timelines, and financial information to ensure transparency.
Conclusion of Maharera
As regulations and guidelines may evolve over time, it’s advisable to refer to the official MahaRERA website or consult with legal professionals for the most up-to-date and accurate information before making any property purchase decisions in Maharashtra.
As per the above information the RERA of Maharastra play the important role in Indian Real Estate market.
At the last MahaRERA also regulates real estate agents operating in Maharashtra. Agents must register with the authority and comply with certain guidelines. This ensures that agents are accountable and provide accurate information to buyers.
Read More: Some Significant Features of Mansion Point Student Accommodation Property in Manchester