Maharashtra RERA Registered Projects

The Real Estate (Regulation and Development) Act, 2016 has truly transformed the real estate sector in India. Buyers are no longer at the mercy of builders and developers, and can now voice their concerns and complaints regarding housing projects, under the purview of the Act. Moreover, this Act also brings about transparency in the real estate market in terms of sale of properties. In fact, Maharashtra Real Estate Regulatory Authority also known as RERA has proven to be particularly effective when it comes to covering the scope of this Act.

As per this law, all the states in the country need to establish a RERA body, whose sole purpose is to deal in affairs related to the real estate sector. This body is meant to protect the interest of consumers, in addition to serving as a platform for quick dispute redressal. Furthermore, a tribunal will also be established to hear appeals against the decisions taken by the local RERA.

Builders and developers alike need to register their housing projects with the local RERA and non-compliance will result in stern actions. Even the real estate agents need to register under RERA.

Given that the Act is still in its early stages of implementation, the desired effect is yet to be achieved. All the states have established a RERA body, but the paradigm shift is occurring at a rather slow pace. Nonetheless, as mentioned earlier, the Maha RERA has set a benchmark for others to follow. Not only has it begun implementing the Act wholeheartedly, but it has also added a few clauses under RERA after taking into account the complaints of buyers throughout the state.

Projects Registered with MahaRERA

The following are the projects that have been registered with Maharashtra Real Estate Regulatory Authority:

Impact of Maharashtra RERA

• An anti-discriminatory clause was added under RERA after the authorities received a plethora of complaints from buyers who said that builders refused to sell them flats on grounds of religion, dietary preferences, and marital status. Furthermore, parking spaces can now be sold by builders.
• The Government of Maharashtra has been proactive in enforcing the law. Maharashtra is the only state to have completely implemented RERA - declaring the rules of the Act, establishing the regulatory authority, setting up an online portal for users to track housing project information and register their housing projects, and lastly, setting up the appellate tribunal
• So far, a total of 20,000 housing projects have been registered with their respective RERA, as per the Real Estate (Regulation and Development) Act, 2016. Of these 20,000, 12,000 are in Maharashtra and this number is expected to increase in the coming months
• The residential sales in Mumbai have gone up by 19 percent, owing to the implementation of the Act. This makes Mumbai one of the few cities in India to display a positive trend in the real estate sector.
• MahaRERA has more than 500 past rulings already, a majority of which have been in the favour of home buyers. Now, a 33-member MahaRERA Conciliation and Dispute Resolution Forum (MCDRF) is being formed to settle disputes between the buyers and the developers at a faster rate

Needless to mention, home buyers are regaining their confidence in the real estate sector, driven by the efficiency and transparency brought about by the MahaRERA. With an authoritative body now in place to protect their interests, customers can now confidently enter the real estate sector without worrying about being cheated by developers.