The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established under the Real Estate (Regulation and Development) Act, 2016 (RERA) to enhance transparency, accountability, and efficiency in Maharashtra’s real estate sector. MahaRERA is pivotal in safeguarding the interests of homebuyers, developers, and real estate agents while ensuring fair practices across the board.
In this blog, we will break down the essential sections of MahaRERA, their objectives, and how they shape the real estate market.
1. Registration Under MahaRERA (Section 3)
MahaRERA requires registration for all real estate projects and agents to bring accountability and clarity to the market.
Who Must Register?
- Projects exceedingย 500 square metersย of land.
- Projects involvingย more than eight apartments.
Key Requirements:
- Developers must disclose project plans, approvals, and timelines.
- Agents must register to operate legally in Maharashtra.
Impact: This ensures homebuyers have access to verified projects, reducing the risk of fraud.
2. Rights and Duties of Promoters (Sections 4-6)
MahaRERA outlines specific obligations for developers to protect buyer interests:
- Disclosure of Details:ย Layout, financial plans, and construction timelines must be shared.
- Separate Bank Accounts:ย Funds from buyers are to be deposited in a project-specific account to prevent misuse.
Impact: Buyers gain transparency and confidence, knowing their funds are protected.
3. Protection of Allottees (Section 11)
This section focuses on protecting the rights of homebuyers.
Buyer Rights Include:
- Timely delivery of projects.
- Compensation for delays or misrepresentation.
- Assurance of quality and adherence to agreements.
Impact: Buyers feel secure, knowing their investment is protected by law.
4. Role of Real Estate Agents (Section 9)
Real estate agents play a significant role under MahaRERA.
Agent Responsibilities:
- Provide honest and accurate information about projects.
- Avoid misleading practices.
Impact: This fosters ethical practices, improving trust in the real estate process.
5. MahaRERAโs Adjudication Process (Sections 12-15)
MahaRERA offers a robust mechanism to address disputes efficiently.
Common Issues Addressed:
- Delayed possession.
- False advertising claims.
- Non-compliance by developers or agents.
Key Features:
- Homebuyers can file complaints online.
- Quick resolutions ensure minimal delays in justice.
Impact: This strengthens buyer confidence by providing a reliable grievance redressal system.
6. Real Estate Regulatory Authority (Sections 20-25)
MahaRERA monitors and regulates the real estate market in Maharashtra.
Responsibilities Include:
- Overseeing project registration and compliance.
- Resolving disputes and imposing penalties for violations.
Impact: It ensures the consistent enforcement of rules and fosters accountability.
7. Appellate Tribunal (Section 44)
For unresolved disputes, the Real Estate Appellate Tribunal (REAT) provides an additional layer of legal recourse.
Key Features:
- Appeals must be filed withinย 60 daysย of a MahaRERA order.
- Open to both buyers and developers.
Impact: It offers an equitable system for escalating unresolved grievances.
8. Penalties for Non-Compliance (Sections 59-72)
MahaRERA enforces strict penalties for any violations to deter malpractice.
Penalties Include:
- Monetary fines for failing to register projects.
- Imprisonment for severe offenses, like misleading practices or fund misappropriation.
Impact: These measures promote ethical behavior and adherence to regulations.
9. Impact of MahaRERA on Real Estate in Maharashtra
Since its inception, MahaRERA has brought transformative changes to the real estate sector:
- Transparency:ย Buyers can verify project details through the MahaRERA portal.
- Accountability:ย Developers and agents are held to higher standards.
- Buyer Confidence:ย Timely delivery and fair practices have strengthened trust in the market.
Conclusion
MahaRERA has set a new benchmark for efficiency and fairness in Maharashtra’s real estate industry. By understanding the provisions of MahaRERA, stakeholders can navigate the market confidently, ensuring compliance and transparency.
Whether you’re buying your dream home or managing a project, MahaRERA safeguards your interests and contributes to a more trustworthy real estate ecosystem.
