Maharera

Lakhs of people have booked their dream home in various projects across the State of Maharashtra and across India. But when it comes to realizing those dreams and taking possession, their homes are far from ready. In fact, some of the projects are at the foundation level, while others are still skeletal frameworks. This, in spite of 5 to 10 years having gone by. People have invested their life’s savings, and all that they get is an apology for delay in the projects. This, in spite of having valid proofs of payment like Receipts, Allotment Letters, Registered Agreements etc.

Aggrieved people are hesitant to go to courts, as they feel it’s long, lengthy and laborious, involving many procedures and documentation; hence, they want to avoid going to courts altogether. This only compounds the problem, and does not solve anything. Some people are staying in rental arrangements, while others have taken heavy home loans and have to pay their EMIs, while the homes they invested in are nowhere in sight.

Courts are already burdened with many litigation issues, and your Real Estate matter will just be added to the long list of matters on the daily board.
Hence to address this humungous issue, the Central Govt. through an Act of Parliament brought out RERA Act 2016, and all States and UTs had to mandatorily implement this with Registration of the projects online, and make provisions for aggrieved flat-purchasers to register complaints online and get an early hearing.
A major boost to Transparency and Accountability to this vital Sector!

Ans: The Real Estate Act is intended to achieve the following objectives:
1. Accountability: ensure accountability towards allottees and protect their interest;
2. Transparency: infuse transparency, ensure fair-play and reduce frauds and delays;
3. Professionalism: introduce professionalism and pan-India standardisation;
4. Information: establish symmetry of information between the promoterand allottee;
5. Responsibility: imposing certain responsibilities on both promoter and allottees;
6. Regulatory: establish regulatory oversight mechanism to enforce contracts;
7. Fast-track: establish fast-track dispute resolution mechanism;
8. Good governance: promote good governance in the sector which in turn would create investors

Complaints should be disposed off as expeditiously as possible, but not later than sixty days from the date of filing the same.
However, where it cannot be disposed of during the said period, the Real Estate Regulatory Authority is required to record its reasons for the same.

Promoter has to enable formation of Legal Entity like Cooperative Society, Company, Association, Federation etc. within three months from the date on which fifty one per cent of the total number of Purchasers, in such a building or a wing, have booked their apartment.

Promoter shall execute a registered conveyance deed in favour of the allottee within three months from date of issue of occupancy certificate or fifty one per cent of the total number of Purchasers, in such a building or a wing, has paid the full consideration to the promoter, whichever is earlier.

Promoter has to register the project before he starts any form of advertising, marketing, booking, selling, offer for selling or inviting people to purchase plots, apartment or buildings.

The Act covers all bodies (private and public) which develop real estate projects for sale to the general public. Thus, both Development Authorities and the Housing Boards, when involved in sale are covered under the Act, besides private players.

Yes, the layout of the real estate project has to be approved.
However, the promoter may include some buildings in his application of registration where apartments are proposed and the Building approvals are pending.
Building Approval for the apartment must be obtained before the agreement for sale is signed between the promoter and buyer, regarding the said apartment.

The MahaRERA website would display all the registered projects. It is mandatory that the advertisement for marketing of apartments in the real estate project must carry the MahaRERA registration number.

If any real estate agent fails to register and contravenes the provisions of section 9 or section 10 of the Act, he shall be liable to a penalty of Rs 10,000/- for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by MahaRERA.