RERA Act or the Real Estate (Regulations and Development) Act was brought into existence in 2016. It regulates and manages all the issues related to real estate projects, transactions, and disputes. RERA in Maharashtra came into effect on the 1st of May 2017. According to this scheme, every builder and promoter will have to register themselves under the Act.
The idea is to create a transparent, reliable, and dispute-free real estate sector in the country. One of the aims behind this Act was to empower people who are planning to buy a new property through their savings or a home loan. The new real estate norms will help them make an informed decision towards selecting a reliable builder.
RERA in Maharashtra
RERA Act of Maharashtra operates in the Union territories of Dadra and Nagar Haveli, as well as Daman and Nagar Haveli. It has shown notable changes in the real estate market in the last 3 years. It is expected to bring about a 30% growth in the next 10 years. MahaRERA Act, in particular, has the following objectives lined up ahead:
- Facilitating maximum transparency in the sale of property and plots.
- Assuring safety and protection in real estate transactions.
- Setting up a strong dispute-handling infrastructure to settle real estate troubles.
- Forming Appellate Tribunal to address customer complaints.
RERA Maharashtra has contributed immensely to investors’ as well as customers’ confidence. If you read about the RERA Act in Maharashtra thoroughly, you will understand how the authority plans to overcome the upcoming challenges in the real estate sector.
Additionally Read: Know whether MahaRERA SRO filter is beneficial for homebuyers or not?
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