What is MahaRERA, and What Makes it Unique?

The Real Estate Regulation and Development Act came into effect on May 2017 with the objective to bring in transparency and uniformity as well as regulate the real estate sector in India. Among the other states, the Real Estate Regulation and Development Authority of Maharashtra or MahaRERA has been specifically pro-active since its inception.

What makes the Maharashtra RERA Act unique?

Some of the basic benefits you need to know about MahaRERA and its objectives include –

  1. Brings in transparency in the state’s real estate sector.
  2. Protects customers’ interest during real estate transactions.
  3. RERA full form of Real Estate Regulation and Development initiates fast dispute settlement with a quick-settlement method.
  4. To receive customer grievances, the formation of an Appellate Tribunal has been undertaken.

In Maharashtra, all commercial and residential products must register under the MahaRERA. The committee has been known for its buyer-friendly policies. Some of those are –

  1. Ban on advertisements unless the project is registered under RERA.
  2. Builders, who have crossed the three months’ deadline threshold, are prohibited from further extending the deadline and instead will be charged a hefty fine of up to Rs. 10 Lakh.

From the RERA website, buyers can check when project status and other info. It allows them to decide whether they will apply for a home loan or not. The website provides a comprehensive idea of when one can expect possession of the property, the revised completion deadlines, etc.

Read this to know more: http://www.dailybn.com/2019/08/a-guide-to-purchase-flats-under-maharera-act-in-2019/ Read this to know more:

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