The Real Estate Regulation and Development Act, 2016 came into force in May 2017. Among the RERA Act's key objectives is regulating the real estate sector in every nook and corner of India. Each state in India has its own RERA authority that regulates and oversees the real estate industry in that particular state. Similarly, Maharashtra's RERA, commonly known as Maha RERA, has been highly active since its launch.
So, let's start with the article and know everything about RERA Mumbai in detail, along with its meaning, uniqueness and much more.
Overview of RERA Act in Maharashtra
Under the Real Estate Regulation and Development Act, 2016, each state in India must have its own Real Estate Regulatory Authority. This regulatory authority, i.e. RERA, oversees the protocols in the real estate sector and initiates fast dispute settlement. You will be surprised to know that Maharashtra is the foremost state in India to fully implement RERA via Maharashtra Real Estate Regulatory Authority or Maha RERA.
The Maha RERA functions on the below-mentioned objectives:
1. Utmost protection of the customers' interest in the real estate transactions.
2. Bring optimum transparency in the sale of apartments, flats, buildings and other kinds of property in Mumbai or any other state in Maharashtra.
3. Formation of Appellate Tribunal to receive complaints from home buyers.
4. Initiate quick dispute redressal and settlement with a settling method.
In Mumbai or any other state in Maharashtra, every commercial and residential project must compulsorily get registered under MahaRERA. No developer or promoter in the state is permitted to advertise, book or sell their real estate projects in Maharashtra otherwise.
The state alone has processed more than 18000 applications, making up for over 60% of the RERA applications in the country. Also, Maha RERA dealt with close to 2387 complaints in the last year.
Is MahaRERA Approval Compulsory?
Initiated by the government of India, RERA supervises the regulations in the real estate market and fast settlement of disputes related to property in India. As per the RERA Act, every state and union territory in the country must have its own RERA in order to protect and safeguard the interests of the consumers and enhance transparency in the real estate industry.
Every builder and promoter in Maharashtra must get their projects in Mumbai or any other city registered under MahaRERA. Consumers must also make sure to buy MahaRERA registered properties because of the following reasons:
1. Projects not registered under MahaRERA are considered illegal, and the home buyers might face issues in the future.
2. Promoters shall pay the penalty for non-registration along with imprisonment in extreme scenarios.
3. On approaching the regulatory body for dispute settlement, home buyers might be questioned about buying an unregistered property in Maharashtra.
It is highly recommended that developers mention their projects' registration numbers in all their real estate promotions, confirming their compliance with the regulatory body. These mandates are important to meet the objectives of RERA that involve the protection of interests, transparency in the industry, fast-tracking dispute settlement, minimising project hand-over delays and much more.
What Makes MahaRERA Act Unique?
Maharashtra, besides being the first state to implement RERA in full swing, here is what makes the MahaRERA act unique:
1. Number of Grievances Redressed
In the past year, MahaRERA handled over 2400 complaints. More than 2000 appellants completed the appeal process, and nearly 1200 of these were duly resolved. This is huge and speaks of the body's reach and flawless communication channels for home buyers.
Apart from this, Maha RERA, along with developers like NAREDCO, MCH land and CREDAI, representatives of the Mumbai Grahak Panchayat and the Maharashtra Chamber of Housing Industry have come together to form the MahaRERA Conciliation and Disputes Resolution Forum as an alternative forum for grievance redressal from home buyers like you. The main objective, according to MahaRERA, of having another forum is to create a level playing field for both builders and buyers.
2. Number of Applications Processed
Maha RERA has been functional since 2017, much prior to other state authorities. It handles RERA registrations in Dadra and Nagar Haveli and Daman and Diu, and it has processed over 18000 applications. It makes up around 60% of the total RERA applications handled in India.
3. Buyer-friendly Policies
One of the noteworthy policies undertaken by the MahaRERA act was the restriction on the advertisements of any developer's projects until it is registered. Besides that, once the builders crossed the 3 month deadline of completion, they were prohibited from requesting further extensions and instead had to pay fines up to Rs. 10 lakh.
Some of the policies were also advantageous to the developers like MahaRERA allows developers to make corrections even after getting the signed RERA certificate of their property in Maharashtra.
4. User-friendly Website
Last but not least, the official website of MahaRERA is very user-friendly and easy to understand. The website provides information about projects in Maharashtra which have been duly registered with the MahaRERA. Also, it facilitates the home buyers and property investors to be more informed. The website users can easily find information about the expected date of possession, broker's credibility etc. Most importantly, now that buyers know when the real estate project is going to be completed, they can decide when they should apply for a home loan.
To conclude, Maha RERA has come as a real blessing to the real estate customers in Maharashtra, who can now buy their dream home with confidence in Mumbai, Pune or any state in Maharashtra. Also, we at Clicbrics can help you find your dream home in Mumbai that is MahaRERA registered. So, don't wait much and get ready to pack your bags and move to a new house in Maharashtra.
Also read: A Guide to the Maharashtra Stamp Duty Act