Rera

Under this Act, appropriate government shall establish Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the State / UTs. The Authority shall strive to facilitate the growth and promotion of a healthy, transparent, efficient and competitive real estate sector while protecting the interest of allottees, promoters and real estate agents. The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects. The key responsibilities of the Authority shall be as follows:

 

  • The act covers all bodies (private and public) which develop real estate projects for sale to the general public
  • It is mandatory for the promoter to obtain permissions for the real estate project before applying for registration to MahaRERA
  • Building approvals for the apartment must be obtained before the agreement for sale is signed between the promoter and buyer
  • If any promoter fails to register as per the act, he shall be liable to a penalty, which may extend up to ten per cent of the estimated cost of the real estate project
  • On continued violation, he shall be punishable with imprisonment for a term, which may extend up to three years or with a fine, which may extend up to a further ten per cent of the estimated cost of the real estate project, or with both
  • The MahaRERA website would display all the duly registered projects
  • The Act wants every real estate project, which has a land area of more than 500 sq mts or has more than eight apartments, to be registered with it
  • The Act urges the promoter to register the project before he starts any form of advertising, marketing, booking, selling, offer for selling or inviting people to purchase plots, apartments or buildings
  • Section 18 of the Act provides for provisions with regards to various situations in which the allottee would be compensated by the promoter due to a delay in the completion of the project
  • The Act allows the promoter to change the completion date for ongoing projects while registering
  • The aggrieved person can file an application online as per the format provided by the MahaRERA website
 (Source – Maharashtra Real Estate Regulatory Authority)