Post its enactment in 2016, the Real Estate (Regulation and Development) Act came into effect from 1st May 2017. The implementation mainly aims to revive home buyers’ confidence in the real estate industry of India. The Act mandates a regulatory authority for every state, responsible for agent and project registration, grievance redressal, transaction regulations, etc. Maharashtra is the 1st state to implement its version of this act, known as MahaRERA.
● MahaRERA registered over 16.5 Lakh apartments.
● Around 250 of the 480+ cases received have been disposed of with 51% disposal percentage.
● Received 2,000+ complaints, of which 1,200+ have been disposed. Disposal percentage is 57%.
● Over 14,000+ real estate agents were registered.
● Over 16,000+ registrations of real estate projects done.
Maharashtra’s Real Estate Regulatory Authority, as RERA full form expands to, covers the entire state, making it compulsory for every residential and commercial project to be registered. Promoters or developers are allowed to book, sell or advertise only upon registration.
The authority has already received close to 13,000 applications of on-going real estate projects. It constitutes over 66% of the nation’s total applications. Of this whopping number, 8,000 projects have received their certificates. With such progress, RERA is expected to alter the real estate market considerably.
Objectives & Pillars of MahaRERA
The real estate sector in India contributes majorly to the nation’s GDP and generates significant employment, following agriculture. However, being unregulated, several issues such as delayed delivery of homes, fraud, forgery, etc. have been prevalent.
The government introduced the RERA Act to accomplish significant objectives, like –
1) Ensure completion of incomplete projects through registration.
2) Instil trust between customers and builders through accountability, discipline and conciliation forum.
3) Bring in more transparency by disclosing mandatory clauses of a property in a public forum.
The prime objective of RERA Act in Maharashtra is to bring transformation in the real estate industry with professionalism and transparency.
The 5 factors Forming The Pillars of This Board Include:
● Customer centricity
● Speedy dispute resolution
● Financial discipline
The authoritative body requires only a few documents for its registration, including promoter’s PAN, address, name, photograph and mobile number.
The regulatory authority of Maharashtra made some noteworthy achievements since its inception.
1) Speedy Registrations – According to the RERA Act, the registration time is 30 days. However, MahaRERA’s average registration time is 16 days.
2) Complaints Redressal – The authority has addressed several complaints since July 2017, after the online complaint module came live. Its complaint disposal rate stands at 57% while the redressal time is 47 days instead of 60 as per Act.
3) Extensions & Corrections – Maharashtra’s RERA also created extension and correction modules where it disposed of more than 700 correction requests and 290+ extension requests so far.
4) India’s 1st RERA Conciliation Forum – Maharashtra’s Real Estate Regulatory Authority is the first to establish a RERA conciliation forum in the country. It received more than 100 cases, of which about 40 are closed, and 70+ cases have received consent. The authority created this forum under Section 32(g), partnering with CREDAI Maharashtra, MGP, CREDAI-MCHI and NAREDCO.
5) Robust Source of Information – The authority created dedicated email IDs to gain information about unregistered real estate properties. As per statistics, 700 unregistered projects were identified by inspecting over 9000 emails. All of those registered along with relevant penalties.
6) Active Helpdesk – RERA has responded to over 22,000 queries mailed at its dedicated helpdesk.
7) Consumer Friendly Website – Most importantly, it became the 1st authority to adopt a completely online, paperless and transparent office. Homebuyers can easily look through the registered projects along with vital information online and make an informed decision accordingly. They can also know the completion time and apply for home loans to ensure easy repayment.
Note that prominent lenders offers flexible repayment tenure for Home Loans up to Rs. 3.5 Crore. Borrowers enjoy competitive interest rate, attractive top-up loans, easy balance transfer facility, minimal documentation, etc.
They also brings customised pre-approved offers for their existing clients. Pre-approved offers not only make the loan availing process simplified but also less time-consuming. Such offers are available on home loans, personal loans, business loans and a host of other financial products. Check your pre-approved offers by providing your name and contact number.
The Latest Modifications In MahaRERA
Maharashtra’s Housing Department has recently issued an amendment to MahaRERA. Some of the changes and additions are as follows:
● Project registration charges came down from Rs. 50,000 to Rs. 10,000.
● No double counting of costs. Every cost item must be mutually exclusive.
● Development cost of a real estate project must not include brokerage and marketing expenses.
Additionally, there are various benefits that first-time home buyers can experience with RERA in action.
With its progressive initiative, MahaRERA has evidenced that a regulated real estate sector is beneficial for every individual involved. Abiding by the Act’s rules, it is expected to transform the real estate sector in India significantly.