Understanding MahaRERA: The RERA’s arm in Maharashtra

RERA’s Maharashtra arm, called the MahaRERA, ensures timely registration of real estate projects and transparency in the sale of assets

Real estate agents and buyers at times find themselves at the receiving end of the irregularities in various real estate projects. Fortunately, they can knock on a tribunal door specially constituted for such woes. The RERA is an act that regulates the sale of properties in India and ensures their registration. Every state has its own RERA arm, but the MahaRERA is more distinguished than others. Here is an assessment of the MahaRERA’s functioning and efficiency.

What is the MahaRERA Act?

The Maharashtra Real Estate Regulatory Authority (MahaRERA) Act was enacted because of the Real Estate (Regulation and Development) Act (RERA) of 2016, which came into force with effect on 1 May 2017. The latter is an act that aims to regulate and standardize the real estate sector across India and facilitate the growth and promotion of a healthy, transparent, efficient, and competitive real estate sector in each state.

Therefore, every state is mandated to constitute a RERA authority to regulate its real estate sector, and Maharashtra’s is called “MahaRERA”.

The MahaRERA, as Maharashtra’s real estate regulatory body, carries out the following functions:

• Establish transparency in the sale of flats, plots, and buildings.
• Grant protection to allottees, customers, real estate agents and promoters involved in real estate transactions.
• Ensure the timely registration of real estate projects and agents.
• Establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects.
• Provide recommendations to the appropriate government authorities on matters relating to the development and promotion of the real estate sector.
• Constitute an appellate tribunal to resolve disputes

Steps to register under MahaRERA

If you are a promoter, a real estate agent or a complainant who is looking to register themselves under MahaRERA, follow these steps:

• Click here.
• Select “User type.” You can choose from promoter, real estate agent or complainant.
• Verify your email ID.
• Submit required documents.
  

What makes the MahaRERA special?

Did you know that the MahaRERA, besides regulating the real estate in Maharashtra, also regulates the real estate sector in Dadra, Nagar Haveli, Daman, and Diu? As of June 2022, it has received 72,594 applications in Maharashtra, out of which registration has been granted to 71,322.

The MahaRERA makes it mandatory for developers to deposit 70% of all funds paid towards a particular project into a single account, allocating these funds only for construction or land cost. Another rule mandates the freezing of a project’s bank account upon non-compliance. These and a list of other regulations found on MahaRERA’s website make it an effective regulatory body that can control real estate fraud.

Looking to buy a house in Maharashtra?

If you are looking to buy a house in suburban Mumbai, Pune or the vast green swathes of Nagpur or Amravati, getting acquainted with the MahaRERA will help you a lot. If you are looking to avail of a home loan, IDFC FIRST Bank can help you with a tailor-made home loan with minimal documentation and attractive interest rates. Apply today!

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