MahaRERA Conciliation Forum: Legality Upheld Amidst Controversy
Mumbai Grahak Panchayat supports MahaRERA Conciliation Forum, citing Section 32 of RERA 2016. FPCE raises concerns over forum's legality, seeking Ministry of Housing and Urban Affairs' intervention.
MahareraConciliation ForumReraMumbai Grahak PanchayatFpceReal Estate PuneSep 19, 2024
Section 32 of RERA mandates state RERA authorities to recommend measures to facilitate amicable conciliation of disputes between promoters and allottees through a dispute settlement forum set up by the consumer or promoters association. Deshpande pointed out that MahaRERA Conciliation Forum originates from this section, making it very much within its Act.
MGP had requested MahaRERA to set up a conciliation forum, which was started after due deliberations with promoters' association and notified on January 29, 2018. The Forum for Peoples' Collective Efforts (FPCE), a nationwide homebuyers' association, raised concerns over MahaRERA's decision to form a conciliation forum aimed at resolving disputes between homebuyers and builders in Maharashtra.
Frequently Asked Questions
What is MahaRERA Conciliation Forum?
MahaRERA Conciliation Forum is a dispute settlement forum set up by MahaRERA to resolve disputes between homebuyers and builders in Maharashtra.
Is MahaRERA Conciliation Forum legal?
Yes, MahaRERA Conciliation Forum is legal and originates from Section 32 of RERA 2016, which mandates state RERA authorities to recommend measures to facilitate amicable conciliation of disputes between promoters and allottees.
Who can participate in MahaRERA Conciliation Forum?
Only two conciliators — one from MGP and another from either National Real Estate Development Council, Confederation of Real Estate Developers Associations of India or Maharashtra Chamber of Housing Industry — participate in MahaRERA Conciliation Forum.
What are the advantages of settlements through conciliations?
Settlements through conciliations usually do not take more than 3-4 sessions, thereby saving a lot of time and money. Since these are mutually agreed terms of settlement between disputing parties, there is no question of either party going into appeal against it.
What are the penal provisions under RERA for non-compliance?
Sec. 63 provides a penalty for every day of non-compliance, which may cumulatively extend up to 5% of total project cost.
Related News Articles
Revitalizing Affordable Housing: Developers' Plea to Finance Minister
Real estate developers urge the Finance Minister to implement key budget reforms to enhance affordable housing prospects, including reinstating CLSS and revising the definition of affordable housing
Blackstone's Q2 Results: A Tale of Two Markets
High interest rates have boosted Blackstone's credit assets, but weighed on its real estate value. Despite this, the company has seen a 3% rise in distributable earnings.
Real Estate Stocks: A Bullish Trend Amidst Green Clouds and Signs of Opportunity
The Nifty Realty index has shown remarkable resilience and growth post-pandemic. Despite a dip following the recent Budget, real estate stocks are drawing interest.
Deepika Padukone's Luxury Apartment Purchase in Bandra: A ₹17.7 Crore Addition to Her Real Estate Portfolio
Deepika Padukone's business venture, KA Enterprises, has purchased a luxurious apartment in Mumbai's posh Bandra West area for ₹17.7 crore, adding to her growing real estate portfolio in the city's most sought-after neighborhood.
Sensex and Nifty End 2024 with Modest Gains of 8-9%
The Indian equity market, despite facing several headwinds, managed to close 2024 with a moderate gain of 8-9%. Real estate, pharma, and healthcare sectors led the rally, while Nifty Media struggled.
Dr. Rakesh Setia on Future-Ready Real Estate in India
Dr. Rakesh Setia, the visionary behind Rustomjee Group, shares insights on how India's real estate sector is evolving to meet future demands, with a focus on sustainability, technology, and customer-centric approaches.