The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revolutionized the real estate sector by prioritizing the rights and interests of homebuyers. As a state-specific implementation of the Real Estate (Regulation and Development) Act, 2016, MahaRERA ensures transparency, accountability, and fairness in property dealings. Here are the key benefits MahaRERA offers to homebuyers:
1. Access to Verified Information
One of the most significant advantages of MahaRERA is the availability of accurate and verified project details.
- Buyers can access information like project approvals, completion timelines, layouts, and developer credentials through the MahaRERA portal.
- It minimizes the risk of misinformation and ensures buyers make informed decisions.
2. Protection Against Delays
Before MahaRERA, project delays were a common issue, often leaving homebuyers in financial distress. MahaRERA addresses this by:
- Binding developers to specified project completion timelines.
- Imposing penalties on developers for delays, including compensation to buyers.
3. Transparency in Financial Dealings
MahaRERA mandates that developers maintain financial discipline in project management.
- Developers must deposit 70% of project funds into a separate escrow account, ensuring they are used solely for the specific project.
- This reduces the risk of fund diversion and ensures project completion.
4. Grievance Redressal Mechanism
Homebuyers often struggled to resolve disputes with developers in the pre-RERA era. MahaRERA simplifies this process by:
- Providing an online platform for buyers to file complaints against developers or agents.
- Ensuring swift resolution through a time-bound adjudication process.
5. Standardized Sale Agreements
MahaRERA enforces the use of a standardized sale agreement, which protects buyers from one-sided clauses often included by developers.
- This ensures clarity in terms and conditions.
- It prevents exploitation by establishing clear obligations for both buyers and developers.
6. Assurance of Quality
MahaRERA holds developers accountable for the quality of construction.
- Buyers can report defects within five years of possession, and developers are obligated to rectify them without additional costs.
- This ensures buyers get the quality they were promised.
7. Regulation of Real Estate Agents
MahaRERA requires real estate agents to register and adhere to ethical practices.
- Buyers can now deal with verified agents, reducing the risk of fraud.
- Agents must provide accurate information about properties, enhancing trust.
8. Protection Against False Advertisements
MahaRERA prohibits developers from making misleading claims in advertisements.
- All promotional material must align with the project details registered with MahaRERA.
- This ensures buyers are not lured by false promises.
9. Legal Remedies for Non-Compliance
MahaRERA empowers buyers with legal avenues to address developer non-compliance.
- Buyers can claim compensation or seek project refunds in case of discrepancies.
- MahaRERAโs enforcement ensures developers adhere to their commitments.
10. Empowerment Through Knowledge
The MahaRERA platform empowers buyers by providing easy access to legal and regulatory resources.
- Guides, FAQs, and updates on the portal educate buyers about their rights and responsibilities.
- This enables buyers to navigate the real estate market confidently.
Conclusion
MahaRERA has become a beacon of trust and transparency for homebuyers in Maharashtra. By safeguarding buyers’ interests and holding developers accountable, it has made real estate transactions more reliable and buyer-friendly. Whether youโre purchasing your first home or investing in property, MahaRERA ensures that your experience is fair, transparent, and secure.
When you choose MahaRERA-compliant projects, you’re choosing peace of mind in your property investment journey.
Which areas of Maharashtra are included in the Planning Area as defined in the Act?
In accordance with notifications issued by Urban Development Department of Government of Maharashtra, MR & TP Act is applicable to all the districts of Maharashtra. Hence, all areas of Maharashtra are included in Planning Area as defined in Section 2(zh) of the Act.
Does the term โallotteeโ include secondary sales?
As per section 2(d) an allottee includesย a person who acquires the said โapartment / plotโ through transfer or sale, but does not include a person to whom such plot, apartmentย is given on rent. The Act doesnโt include rental projects,ย lease / leave and License deals.
Is it permissible to sell parking to allottees?
The position of parking is as follows;
a) Open Parking Area: This has been clearly included in the definition of “Common Areas” which need to be conveyed to the Association of Allottees after Occupancy Certificate is received. Hence, sale or allotment of Open Parking Areas by the Promoter is not permissible
b) Covered Parking as defined in the Maharashtra Real Estate (Regulation and Development)(Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017 is permitted to be sold.
c) Garage as defined in the Act is permitted to be sold.
What is the obligation of the promoter towards return of amount and compensation to the allottee?
Section 18 of the Act provides for provisions as regards various situations in which the allottee would be compensated by the promoter due to delay in completion of the project etc.
Can a complainant approach both the Regulatory Authority / adjudicating officer and the consumer forums for the same disputes?
An aggrieved person can only approach one of the two forums for redressal of his grievance.
How will a flat buyer know, if the real estate project is duly registered under MahaRERA?
The MahaRERA website would display all the registered projects. It is mandatory that the advertisement for marketing of apartments in the real estate project must carry the MahaRERA registration number.
In case of delay in getting possession from the promoter, will the buyer be entitled to get interest on the amount paid by him, for such delayed period?
Yes. In accordance with the model form of agreement, if the Promoter fails to abide by the time schedule for completing the project and handing over the [Apartment/Plot] to the Allottee, the Promoter agrees to pay to the Allottee, who does not intend to withdraw from the project, interest as specified in the Rule, on all the amounts paid by the Allottee, for every month of delay, till the handing over of the possession.
Will such interest payment by the promoter to the buyer be automatic or the buyer will have to approach MahaRERA?
The interest payment is in accordance with the model form of agreement and hence should be automatically paid. The buyer may have to file a complaint to MahaRERA if there is a grievance.
Is there a ceiling on the interest to be levied by the promoter in case of default in payment of any instalments by the allottee/buyer?
In accordance with the model form of agreement, the Allottee has to pay to the Promoter, a rate of interest equal to the State Bank of India highest Marginal Cost of Lending Rate plus two percent, on all the amounts which become due and payable by the Allottee to the Promoter under the terms of the Agreement from the date the said amount is payable by the allottee(s) to the Promoter.
What are the provisions for an aggrieved person to lodge a complaint?
Section 31 of the Act and Rule 6 of Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine payable, Forms of Complaints and Appeal, etc.) Rules, 2017 provide for filing of complaint with MahaRERA, by an aggrieved person who has any interest in the registered project. The aggrieved person can file an application online as per format provided by MahaRERA. It shall include the following details:
– ย Registration number of the project to which the complaint pertains
– ย Particulars of the complainant and respondent
– ย Facts of the case
– ย Relief Sought
– ย List of Enclosures and so on
Where will the aggrieved home buyer be required to file his complaint?
The aggrieved person can file an application online as per format provided by MahaRERA website.
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Is there any time limit prescribed for disposal of complaints?
Section 29 of the Act provides that complaints should be disposed off as expeditiously as possible but not later than sixty days from the date of filing the same. However, where it cannot be disposed of during the said period, the Real Estate Regulatory Authority is required to record its reasons for the same.
The aggrieved person can file an application online as per format provided by MahaRERA website.
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If the buyer wants to file a complaint in Consumer Court, is there any bar under the Act?
No. As per section 79 of the Act, civil courts are barred from entertaining disputes (suits or proceedings) in respect of matters which Real Estate Regulatory Authority or the adjudicating officer or the Appellate Tribunal is empowered under the Act to determine. However, the consumer forums (National, State or District) have not been barred from the ambit of the Act. Section 71 proviso permits the complainant to withdraw his complaint as regards matters under section 12, 14, 18 and section 19, from the consumer forum and file it with the adjudicating officer appointed under the Act.
