The RERA (Real Estate Regulatory Authority) was passed by the Parliament of India in May 2016, to facilitate transparency in the real estate sector of the country. The act aims to benefit home buyers, builders, developers, brokers, and stakeholders.
RERA Act functions in every state of India, each having its separate regulatory body, such as RERA Delhi, RERA Punjab, RERA Karnataka, and so on. The equivalent existing in Maharashtra is MahaRERA Act.
RERA Act Motives
- To make the entire process of buying and selling properties a transparent one.
- To standardize property prices for protecting the interest of buyers as well as builders/developers.
- To verify and ensure that all builders and developers are registered under this Act before they start with a real estate project.
- To stop unnecessary delays in on-going projects.
- To keep account of every financial transaction between builders and buyers.
What is RERA in Maharashtra?
RERA in Maharashtra has been operational since 2017. Maharashtra is the first among all states to execute RERA act in India. There have been over 18,000 applications submitted under the MahaRERA Act. This count makes up more than 60% of the total RERA applications all over India. Apart from that, it also addressed almost 2500 complaints last year.
Every project, be it commercial or residential, must be registered under MahaRERA. Without having it registered, no property can be extended for sale. Every individual planning to buy a plot must have a thorough idea of what is RERA and how it can assist him/her. Individuals are not eligible to avail home loans to avail a property unless it is registered under MahaRERA.
Additional Read: What is MahaRERA, and What Makes it Unique?