The Real Estate Regulatory Authority (RERA) bill was introduced in 2016 to control this sector and put a check to unlawful practices. Maharashtra was one of the first states to implement the RERA Act and set up a state-level regulatory body known as MahaRERA.
Impact on property buyers
The implementation of the MahaRERA Act has benefitted real estate buyers in several ways. Such as –
- Buyers can file a complaint against developers or builders if they don’t deliver projects by a stipulated date under the RERA Act Maharashtra. In such a situation, developers must pay interest on the amount received from a buyer for each month until the project is delivered.
- They can visit the official website of MahaRERA to check details of any on-going project, and learn about its expected completion date. Furthermore, they can also view additional details regarding a selected project such as disputes registered and solved, permissions granted, etc. before an onsite visit.
It also enables them to make an informed decision before finalising any property for purchase and opting for funding options like home loans.
Impact on promoters and agents
The RERA Maharashtra guidelines have also significantly affected promoters and real estate agents –
- They cannot sell, book, or advertise any property unless it is registered under the MahaRERA Act.
- A developer must also obtain approval for the layout of a project from the regulatory body before applying for registration. Real estate agents working with a project should also register themselves with RERA.
- Moreover, in case individuals do not adhere to these guidelines, they will be heavily penalised as per the RERA guidelines. Hence, they must go through all they need to know about MahaRERA in Maharashtra.
Thus, after the introduction of MahaRERA, the property purchase process has become more streamlined, which is encouraging more individuals to buy a home of their own.
Read Also: MahaRERA: Impact on property buyers, promoters and agents
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