What is the requirement for setting up MahaRERA?

by Swapnesh Gupta Digital Marketing Expert

Real estate sector is one of the largest contributors to the Indian economy as well as the largest employers. Even though the realty sector holds a special designation in the country, the transactions made in this sector have been a tiresome and uncertain affair for consumers.

In fact, the real estate developers have been figuring out the violate norms of conducting the business, which resulted in the disputes and litigations. In worst cases, most of the consumers have been handed with the poor quality unity that is quite dangerous. The requirement to clean up for this nasty system was being felt for a long time.

As a result, the RERA act has been established and implemented successfully in many states of the country like Maharashtra. This act is applicable for both residential and commercial projects. Here are the fundamental objectives of the RERA act.

Principally, RERA will have an oversight on the realty transactions and even promote satisfactory and timely completion of the venture. Additionally, it provides protection to consumer interests and even brings transparency in all the proceedings regarding the construction, sales, and entire project

RERA act also brings all the consumers, stakeholders, intermediaries, and real estate developers under the purview of RERA

Not only this, it also maintains the website that will host all the relevant information the consumer needs from the realty developer. It includes the details of land titles, construction progress, project approvals, contractors, the name of the intermediaries, and so on

Highlights of the Maha RERA Act

The requirement of regulations and identical rules was being felt by the industry that observed negatively by the consumers due to some unprincipled activities. The long-standing demand by the consumers and industry was highly unmet.

For example, there is a huge delay in the grant of dispute resolution and project approvals. Actually, there was no better time to establish a RERA act because the Government of India is highly focusing on smart cities, housing for all, and fulfillment of these important goals.

RERA (Real Estate Regulation and Development) mandates registration of each project having the size of more than 500square meters and over eight apartments

Rs. 5000 is the fees for complaint filing with RERA in Maharashtra against the agents and builders.

If the person is not satisfied with the verdict made by Maha RERA or its authority, then he or she may file the appeal prior to RERA appellate tribunal within the duration of 60days

Under RERA, Maharashtra has set up the regulatory authority as appellate tribunals to resolve the disputes between the builder and buyers within 120days

Developers need to put 70percent of the money, which is collected from the buyer in the separate account in order meet the cost of project construction

MahaRERA act is mandatory for both residential and commercial realty projects. It also imposes strict regulations on the builders and even ensures the construction is finished on time

The buyer will able to pay only for the area within the walls and the promoter cannot able to charge for the super built-up area

The developer's liability to repair the building structural repairs has been maximized to 5years from 2years

RERA act is not beneficial for buyers but also developers because it proposes to entail penalty on the allotte for not paying the project dues on time. Additionally, the builder will have a chance to approach the regulator if there is a problem with the buyer. Maha RERA has taken many vital steps towards the proper working of the real estate sector.