Real Estate Regulatory Act|RERA MAHARASHTRA - RERA REGISTRATION

Maharashtra is the only state in the country which has implemented RERA on its due date i.e. 1st May, 2017. Maharashtra RERA Authority sets an example for other states by their efficient and effective working. Gautam Chatterjee is the chairman of RERA in Maharashtra and he has ensured that RERA in Maharashtra should be implemented effectively as per the central guidelines. Maha RERA Authority is very firm on their policies as they have even issued notices to Brokers those are not complying with the RERA rules.

Definition of ongoing projects Penalties for non-compliance Payment schedule Norms for escrow withdrawal Clause for structural defects
In Line Diluted In line, but with conditions In Line In Line
Includes projects that are ongoing on the date of commencement of the Act, and for which completion certificate has not been issued. Does not mention imprisonment penalties; no clarity on monetary fines/penalties as percentage of total project cost. 10% advance payment or an application fee from buyers while entering into a written agreement for sale; model agreement mandates buyers to pay up to 30% of total consideration on execution of agreement, and additionally, up to 15% of total consideration on completion of plinth work. Remaining payment to be as per clauses mentioned in the model sale agreement. 70% of the amount realised by developers to be deposited in a separate account; withdrawal in proportion to the percentage of project completed. Time frame - Within five years from possession; developers to rectify such defects without further charge