MahaRERA: Know about the RERA Act in Maharashtra

 

In the purview of the complex regulations, laws, and processes related to India's real estate sector, the government proposed a single act that could overlook the real estate industry and simplify the processes and laws. This act, called the RERA (Real Estate Regulatory Authority) Act, was proposed in 2016, and later, it came into force in May 2017. 

The advent of this act is considered a monumental step in the right direction towards streamlining the real estate industry in the country. One of the key objectives of this reformational act is to regulate the real estate industry in every nook and corner of the country. Also, under the act, the central government of India mandated all the state governments in the country to establish their own RERA Authority to oversee and regulate the real estate sector in the state. 

Maharashtra’s RERA is called MahaRERA, and the authority has been very active since its launch in the state. Let us know more about Maha RERA. 

 

What is MahaRERA?

As mentioned earlier, under the RERA Act implemented in 2017, every Indian state must have its own RERA. This statutory body oversees all the protocols in the real estate industry and is responsible for dispute or grievance redressals in the state. Maharashtra is the first state in India to implement RERA fully through the Maharashtra Real Estate Regulatory Authority or MahaRERA. 

The main objectives that MahaRERA aims to achieve include –

• Ensure there is complete transparency in the sale of buildings, apartments, and plots across the state.
• Protect the interest of the consumers/buyers in all real estate transactions.
• Ensure that disputes between developers, buyers, and other parties are settled faster and more fairly.
• Forming an Appellate Tribunal to receive complaints from the buyers.
• Provide recommendations to the relevant government authorities regarding promoting and developing real estate projects in the state. 
• Enhance the growth of the real estate sector in Maharashtra. 
• Foster a healthy, transparent, and efficient real estate sector in the state of Maharashtra.

In Maharashtra, all residential and commercial projects that are built anywhere must be registered under the MahaRERA Act. No builder or promoter of real estate projects in the state is allowed to sell, book or advertise their real estate building projects in any other way. 

Since the MahaRERA came into effect, the Maharashtra state RERA authority has processed more than 18,000 applications, which makes up more than 60% of the RERA applications received all over India. MahaRERA has also dealt with and solved more than 2300 complaints. 

 

MahaRERA Rules and Regulations 

The RERA authority in Maharashtra state has laid out some rules and regulations that must be strictly followed by real estate developers as well as buyers. These rules are specially formulated to prevent malpractices in the real estate sector. Also, to ensure that the real estate property buyers don’t get cheated by any developer, all prospective buyers are directed to check the property’s registration on the Maha RERA website to ensure it is a legal project. 

Some of the other important MahaRERA rules and regulations include –

• It is mandatory for all commercial and residential projects developed by all builders to be registered under MahaRERA.
• The real estate property builders or developers must submit a report every quarter about their ongoing projects on the MahaRERA website. 

 

How to check the state of RERA Maharashtra registered projects?

If you are planning to purchase a new real estate property in Maharashtra, whether it is a commercial or residential property, you must check its RERA status online to avoid becoming a victim of any property fraud. Here are a few simple steps to check MahaRERA registered projects.

• Step1 – Visit the official MaharaRERA Website – https://maharera.mahaonline.gov.in
• Step 2 – Click on the ‘Registration’ tab displayed at the top of the screen
• Step 3 – Select the ‘registered projects’
• Step 4 – Enter the name of the project or the name of the promoter that you are looking for and click on the ‘search’ button
• Step 5 – If the project is actually registered with MahaRERA, you can see all the project-related details on your screen
• Step 6 – Click on ‘view your screen’
• Step 7 – You can find all the information you need to know about the project, including the location, type of project, the possession date, etc. 

 

How to register under MahaRERA?

Registering on the MahaRERA website is very easy, and it requires you to follow only a few simple steps –

• Step1 – Visit the official MaharaRERA Website – https://maharera.mahaonline.gov.in
• Step 2 – Click on the ‘New Registration’ link displayed at the top next to the login button
• Step 3 – A new window will open when you click on the link. Here, you must select the relevant user type from the options listed therein – Real estate agent, Promoter, Complainant
• Step 4 – Fill in the necessary details as required (based on the user type you choose)
• Step 5 – Verify your email ID so that you can easily access your account for future references
• Step 6 – Submit the necessary documents as required (based on the user type you choose)

 

Benefits of MahaRERA for home buyers

The MahaRERA works in the interest of the real estate property buyers and offers several benefits to them, including –

• MahaRERA provides all the real estate property buyers in Maharashtra a forum to file complaints against real estate developers if they are unsatisfied with the construction quality, delay in possession of the property, or any other issue. MahaRERA can investigate the complaint and take against the developer for any violations they commit under the RERA Act. 
• MahaRERA acts as a deterred of any fraud practices by real estate developers, promoters or real estate agents by imposing strict penalties
• Another significant benefit of MahaRERA is that it ensures that the real estate builders strictly adhere to the project timelines mentioned in the agreement so that there is no delay in giving possession of the property to the buyers. Thus, it protects the interest of the investors/buyers.
• MahaRERA makes it mandatory for all real estate developers to use the funds collected from the buyers/investors only for the specific project, preventing them from redirecting it to any other project. 

 

Final Word

So, MahaRERA is a boon for all real estate buyers in the state of Maharashtra. It protects their interests and acts in their interests. It fosters complete transparency in all real estate transactions in the state. 

If you are planning to invest or buy any MahaRERA registered property, you can trust India Shelter Finance Corporation to offer the best housing loan solution to suit your needs. The organization has a reputation for offering home loans at attractive interest rates, starting from 8% per annum. They also give you repayment flexibility and an extended tenure of up to 30 years, allowing you to easily repay the amount.