Maharashtra's Real Estate Regulatory Authority Sets the Bar High for Homebuyer Protection
MahaRERA's new orders aim to bring transparency and accountability to the real estate sector, and other states may follow suit.
Real EstateMahareraHomebuyersReraProperty AgentsReal Estate MaharashtraAug 08, 2024
These orders are a welcome move, as homebuyers in India have often been at the receiving end of delayed projects and unfulfilled promises by developers. The Real Estate (Regulation and Development) Act, 2016, aims to regulate transactions in the sector, ensuring that projects are completed and handed over on time.
The new orders from MahaRERA address several challenges faced by homebuyers. For instance, it has been observed that developers often fail to hand over amenities, even years after delivering the homes. To tackle this issue, MahaRERA has made it mandatory for developers to include the details and exact delivery dates of amenities in the sale agreement.
Furthermore, MahaRERA will introduce a project grading system, providing homebuyers with access to legal, technical, and financial details of projects. This move will empower homebuyers to make informed decisions when investing in a property.
The industry has responded positively to these orders, with the Confederation of Real Estate Developers Association of India expressing support. According to them, these orders will boost trust and confidence among buyers and strengthen the integrity of projects and real estate assets.
MahaRERA has been at the forefront of regulating the real estate sector in India. Since its launch in May 2017, it has registered over 46,000 projects. Other states, such as Uttar Pradesh, have also taken steps to regulate the sector, but MahaRERA's efforts have been the most notable.
However, despite these efforts, the implementation of RERA remains a work in progress. There have been instances where RERA has issued orders for recovery of interest penalty or refund and compensation in favor of homebuyers, but builders have not complied with them. As a result, homebuyers have had to reach out to other grievance redressal tribunals and forums.
In conclusion, MahaRERA's new orders are a significant step forward in protecting the interests of homebuyers in Maharashtra. As the real estate sector continues to evolve, it is essential that regulatory authorities remain vigilant and proactive in addressing the challenges faced by homebuyers.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra.
Frequently Asked Questions
What is the purpose of the new orders issued by MahaRERA?
The new orders aim to bring transparency and accountability to the real estate sector, protecting the interests of homebuyers.
How will MahaRERA's project grading system benefit homebuyers?
The project grading system will provide homebuyers with access to legal, technical, and financial details of projects, empowering them to make informed decisions.
How has the industry responded to the new orders?
The Confederation of Real Estate Developers Association of India has expressed support, stating that the orders will boost trust and confidence among buyers.
What is the current status of RERA implementation in India?
RERA implementation remains a work in progress, with challenges in executing recovery orders and complying with penalties.
What is the role of MahaRERA in regulating the real estate sector?
MahaRERA is a regulatory body established to regulate and promote the real estate sector in Maharashtra, ensuring that projects are completed and handed over on time.
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