10 points to know about MahaRERA, the Real Estate Regulatory Authority of Maharashtra !
- Saturday 7th October 2017
- Author: Yash Verma
MahaRERA is the state Authority of Maharashtra for administering the Real Estate (Regulation and Development) Act, chaired by Shri Gautam Chatterjee.
The MahaRERA Authority has received a staggering 13,000 applications for ongoing projects.
The real estate regulatory Authority of Maharashtra is also responsible for carrying out RERA registrations in the territories of Dadar and Nagar Haveli and Daman and Diu.
The Real Estate (Regulation and Development) Act, commonly known as RERA was passed by the Indian Parliament in March 2016. The Act aims to establish a regulatory practice all across the Country which will be overlooked upon by the respective state RERA Authorities. The registration for RERA began in May this year and was given a deadline of three months by the Central Government. However, poor implementation of the Act resulted in a delay in registration and contravened the deadline in most of the states.
In spite of such condition of the Act in the Country, Maharashtra’s RERA Authority, MahaRERA, has been running its operations right from the start. Let’s know some more about the Authority:
- MahaRERA is the state Authority of Maharashtra for administering the Real Estate (Regulation and Development) Act, chaired by Shri Gautam Chatterjee.
- The RERA rules of the state were notified on 20th April 2017 with the help of MahaRERA.
- MahaRERA was one of the only few state authorities to come up with a website in the Act’s initial phase of implementation.
- The MahaRERA Authority has received a staggering 13,000 applications for ongoing projects. Why staggering you, ask? Because it constitutes more than 66% of the total applications in the Country!
- Out of these 13,000 applications, 8000 projects have already received the RERA Certificate!
- MahaRERA also only received 55 complaints within 3 months of the Act’s implementation, which is significantly low compared to other RERA State Authorities.
- The real estate regulatory Authority of Maharashtra is also responsible for carrying out RERA registrations in the territories of Dadar and Nagar Haveli and Daman and Diu.
- Advertisements of real estate projects were prohibited by the MahaRERA until their registration with RERA.
- Now coming to how responsive MahaRERA has been, The Authority made clear of no extensions to the three-month deadline, and also implied a fine ranging from Rs 50,000 to Rs 10 Lakhs within a month of passing the deadline.
- Another important announcement made by MahaRERA, which came as a relief to the real estate developers is that they will be able to make corrections even after obtaining the signed certificate by RERA.
Due to the increasing number of complaints by homebuyers recently, the Authority has started hearing most of them and also concluded few. The first complaint disposed of by Maharashtra’s RERA Authority was in favor of the homebuyer which encouraged other buyers to reach out to MahaRERA for their due compensations. However, the Authority is also charging a fee of Rs 5,000 on every complaint filed, which is significantly higher than RERA Authorities of other states.
MahaRERA has been outstanding in abiding by the rules of the Act since it was passed, and it will be interesting to see how they contribute to transforming the real estate sector of the State.
- All you need to know about RERA in Telangana for real estate agents
- RERA’s impact on Maharashtra
- How much has RERA assisted home buyers in last one year?
- Advertisement guideline in RERA
- Simplified process of RERA Registration in India
- A simplified guide to RERA Goa
- All you need to know about Agent registration in Haryana
- All you need to know about Agent registration in Chhattisgarh
- Real Estate Project Registration in RERA
- Insights about GOA RERA for Real Estate Agents
- A Guide to RERA Karnataka
- Expectations of Real Estate Industry from budget 2018
- All facets of GST rate cut from 12% to 8% on affordable homes
- All you need to know about Project registration in Andhra Pradesh
- All you need to know about Agent registration in Andhra Pradesh
- All you need to know about RERA in Uttarakhand
- MahaRERA to issue notice to real estate brokers soon
- All you need to know about RERA in Karnataka
- RERA Karnataka Big Move- Sent legal notice to 780 projects
- “2017” - Most crucial year for Indian Real Estate
- RERA will now be governed under the Ministry of Urban Affairs
- Home loan industry suffers biggest drop in growth since 2013
- Major causes of litigations on builders under RERA
- MahaRERA brings changes in Procedure for Transferring or Assigning Promoters Rights and Liabilities to a Third Party
- Title Insurance under RERA - what promoters and homebuyers must be aware of !
- RERA fee structure for registrations in Jharkhand
- RERA report card : An analytical summary of the Real Estate Act so far !
- How absence of RERA is affecting the growth of Real Estate in these states
- Everything you need to know about RERA in Tamil Nadu !
- 10 must known points about Raj-RERA, the Real Estate Regulatory Authority of Rajasthan