25 April 2024
The Real Estate (Regulation and Development) Act, 2016 (RERA), is an essential piece of legislation aimed at regulating the real estate sector and protecting the interests of homebuyers in Maharashtra. Under this act, the Maharashtra Real Estate Regulatory Authority (MahaRERA) was established to oversee all real estate transactions in the state.
Key components of the RERA Act in Maharashtra include:
- Project Registration: Developers must register their projects with MahaRERA before advertising or selling. This registration helps ensure transparency and accountability from the developers to the buyers. Registration requirements include detailed information about the project such as approved plans, layout, and the status of statutory approvals.
- Agent Registration: Real estate agents also need to register with MahaRERA, and from 2023, they are required to undergo a training program and pass a competency exam to obtain a certificate of competence. This initiative aims to enhance the professionalism and knowledge of real estate agents in Maharashtra.
- Complaint Redressal: MahaRERA provides a platform for buyers to lodge complaints against developers or agents for grievances related to project delays, misrepresentation of information, or other disputes. The authority aims to resolve complaints within 60 days, providing a swift mechanism for dispute resolution.
- Project Monitoring and Compliance: MahaRERA ensures continuous monitoring of ongoing projects and the compliance of developers with the prescribed rules and regulations. It also includes provisions for revoking project registrations or imposing penalties in cases of non-compliance.
- Consumer Protection and Transparency: Buyers can access comprehensive details about registered projects and agents through the MahaRERA website. This transparency helps consumers make informed decisions and promotes fair dealings in the real estate sector.
MahaRERA has also implemented innovative services like doorstep registration for projects to streamline the process and reduce bureaucratic hurdles for developers.
For more details on regulations and current updates related to RERA in Maharashtra, you can visit the official MahaRERA website and the detailed regulations on the MHRERA portal.
RERA Act in Maharashtra and MahaRERA’s Vision
The RERA Act in Maharashtra is aimed at protecting homebuyers while boosting investments in the real estate industry. MahaRERA’s vision extends beyond mere regulation, focusing on fostering growth, enforcing developer commitments, and ensuring timely project completion.
RERA Maharashtra Services
MahaRERA offers a range of services including project registration, agent registration, complaint redressal, and more, all accessible through its comprehensive portal.
Project Registration and Grading
How to Register Projects
Developers must register their projects with MahaRERA before advertising or selling. The registration process involves submitting detailed project plans, approvals, and financial statements to ensure transparency.
MahaRERA's Project Grading System
MahaRERA has introduced a project grading system that evaluates various aspects of real estate developments, such as the track record of the developer, construction quality, and legal clearances, providing a rating that helps buyers make informed decisions.
Monitoring Projects and RERA Services
Checking Registered Project Status
The status of registered projects can be monitored on the MahaRERA website, which provides updates on project progress, compliance, and any pertinent issues or notices.
Filing Complaints and Checking Lapsed Projects
How to File a Complaint
To file a complaint with MahaRERA, an aggrieved party must submit their grievance directly on the MahaRERA website. This process involves filling out a detailed form and paying a nominal fee. The complaint can be against developers, agents, or any other party not complying with the statutory provisions.
Checking Lapsed Projects
MahaRERA provides a publicly accessible database where potential buyers can check the status of lapsed projects. These are projects whose registration has expired or been revoked due to non-compliance or non-renewal.
Resolution of Complaints and Registration Information
Time Taken for Resolving Complaints
MahaRERA aims to resolve complaints swiftly, typically within 60 days, ensuring that justice is delivered without unnecessary delays.
Contact Information and Agent Registration
RERA Maharashtra Contact Details
For further inquiries or assistance, stakeholders can contact MahaRERA through their official website, where dedicated contact details are listed for different departments.
Mandatory Information for Real Estate Agents
Real estate agents in Maharashtra are required to provide comprehensive information upon registration, including personal identification, professional details, and past experiences in the industry.
RERA Registration Process for Agents
Real estate agents must undergo a thorough verification process, submit necessary documents, and adhere to the guidelines set by MahaRERA to obtain their Certificate of Competency, which is mandatory for practising in Maharashtra.
Additional Regulatory Measures
Revoked Registrations and Grievance Redressal
MahaRERA maintains an up-to-date list of projects with revoked registrations, and it has mandated developers to establish grievance redressal mechanisms to address complaints effectively.
Senior Home Guidelines and Promoter Changes
Recently, MahaRERA has drafted model guidelines to regulate and promote senior living homes, ensuring safety and quality standards. The authority also oversees changes in project promoters, maintaining transparency and continuity in developments.
Conclusion
RERA Maharashtra has significantly transformed the real estate landscape, ensuring that the sector is more organized, reliable, and user-friendly. By adhering to the guidelines and utilizing the services offered by MahaRERA, stakeholders in Maharashtra’s real estate can look forward to a more secure and prosperous market environment.
Meet Mitul Patel, a seasoned real estate consultant based in Thane, India, with over 7+ years of invaluable industry experience. With his deep knowledge and expertise in the real estate market, Mitul has established himself as a trusted advisor to clients seeking guidance in property investments and transactions in Thane and its surrounding areas.