Before the introduction of the MahaRERA Act, the real estate sector in India had been plagued with numerous issues. Delayed possessions, unscrupulous practices by builders, lack of transparency, hidden property charges, and much more. To protect the interests of homebuyers and regulate financial discipline, the Maharashtra Real Estate Regulatory Authority (MahaRERA) Act was introduced in 2017.
MahaRERA was formed to function as a superintendent of the real estate sector of Maharashtra. It ensures that developers and builders perform fair construction practices and legitimate real estate business. Also, it aims to safeguard homebuyers’ interests by redressing complaints and informing them about their legal rights.
MahaRERA, or RERA Maharashtra, is responsible for
- registering new real estate projects,
- listing real estate agents,
- verifying legitimate projects,
- allotting a valid RERA identification number, and
- resolving disputes between homebuyers, builders, and developers.
The official address of MahaRERA is https://maharera.mahaonline.gov.in/
MahaRERA: Main Responsibilities & Functions
The Real Estate (Regulation & Development) 2016 was enacted across India to legitimize the real estate business. While implementing this law, many questions were raised by homebuyers and builders about its legitimacy. Why RERA is important? What is RERA in real estate? When RERA is applicable?
Over the time period, the RERA has ushered in a new era of transparency, accountability, and consumer protection in the state’s real estate market. Likewise, MahaRERA achieved a tremendous success rate by eliminating malpractices and redressing homebuyer’s exploitations.
- MahaRERA strives to promote a healthy, transparent, efficient, and competitive real estate sector in Maharashtra.
- MahaRERA attempts to safeguard the interests of homebuyers, real estate investors, builders, and agents in Maharashtra.
- MahaRERA establishes a mechanism for speedy dispute and grievance redressal regarding registered real estate projects in Maharashtra.
- MahaRERA verifies the disclosures and facilitates new real estate project registrations.
- MahaRERA provides recommendations on matters related to promoting and developing the real estate sector in Maharashtra.
In this digitized era, the Maharashtra government has unveiled an innovative initiative to empower home buyers with the necessary knowledge regarding real estate properties. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has instructed every registered housing project to include QR Codes in their advertisements and promotion copies.
By scanning the QR Code, interested buyers can instantly see essential project-related information such as the project’s name, developer’s name, registration status, legal compliances, expected possession date, and current status of the project. After referring to the necessary details, buyers or investors can make important buying decisions.
Benefits of the MahaRERA Act for Homebuyers
- The MahaRERA Act implements a uniform interest rate for both homebuyers and builders, especially when the latter fails to deliver the flat/space at a given time period.
- The builders must deposit 70% of the amount collected or raised for a project in a separate bank account. It can be only withdrawn for completing the project, hence reducing the risk of builder insolvency or bankruptcy.
- Before signing the Sale Agreement, the advance payment must be at most 10% of the property’s total cost.
- Within five years from the date of possession, if homebuyers detect any structural defects in the service, then the builder has to rectify the defect within 30 days or pay compensation to the buyer.
- At any time after the possession, if homebuyers detect any issue with the title of the property, they can claim compensation from the builder.
- At any stage of the construction, a homebuyer has a right to information about the property.
- In case of any dispute with the builder, homebuyers can file a complaint against them with the established authority for grievance redressal.
- If the builder delays possession of the property, buyers can:
- Withdraw from the project and receive a complete refund of any paid amount.
- Wait for the completion of the project and get compensation in the form of interest on the paid amount from the pre-decided date of completion to the actual completion date.
What is the Procedure for the MahaRERA Project Search?
Follow the following steps to search for a MahaRERA project search:
Visit https://maharera.mahaonline.gov.in/, the official website of Maharashtra RERA.
On the main page, click on the “Registration” tab.
Choose “Registered Projects.” A new tab will be opened immediately.
Under “Search Project Detail,” enter the “Project Name,” “Promoter Name,” and “MahaRERA Project or Agent Registration Number.”
Click on the search icon. Information will pop up.
RERA Applicable For How Many Flats?
A real estate project’s eligibility for the Real Estate (Regulation and Development) Act, commonly known as RERA, is determined by the number of flats or units and the area of the land.
Basically, RERA applies to projects that meet the following criteria:
- Number of Units: RERA applies to real estate projects with more than eight units. If the project has eight or fewer units, the builder may not need to register it under RERA. This threshold may vary from one state to another since states can make amendments to the central RERA Act.
- Land Area: RERA also takes into consideration the land area of the project. If the project exceeds an area of 500 square meters, the builder needs to register it under RERA. Again, states have the flexibility to determine the exact land area threshold.
However, it’s important to note that these criteria are flexible across India. There may be variations in different states and union territories based on their respective RERA rules and regulations.
The real estate industry is booming in Maharashtra, and it is the first state to implement RERA. From buying to selling properties, MahaRERA has successfully transformed the finance system and brought transparency to a great extent. Today, it’s mandatory for every residential and commercial project to be registered under MahaRERA.
If you have any doubts regarding the MahaRERA Act or need any further information, feel free to connect with us today. At Stead Realty, we provide the best real estate advisory services to clients, developers, and investors in Mumbai.
Whether commercial or residential property, we help you get all the latest real estate insights. We have our own team of researchers and analysts who constantly study the market trends to provide you with a detailed-oriented study and offer you the best deals at a reasonable price.
1.How to check MahaRERA projects?
Maharera Project Search: How To Check Maharera Project Details Online? Step 2: Click on the “Projects” tab on the homepage. Step 3: Enter the name of the project or the name of the developer in the search box. Step 4: Click on the “Search” button
2.What is the difference between RERA and MahaRERA?
RERA is Real Estate Regulatory Authority, and every state has their regulatory board. The state government implemented the RERA Act to enable buyers to invest in genuine projects. Maha in MahaRERA stands for Maharashtra and regulates real estate projects within the state
3.Why is RERA registration important?
RERA mandates that developers must complete the project within the stipulated time frame, failing which they will have to pay a penalty. This ensures on time handover of the project and eliminates any possession related issues. RERA registration encourages investment in the real estate sector
4.What are the positive impacts of RERA on home buyers?
RERA creates a regulatory body, mandates the registration of real estate projects for home buyers interests, and specifies rules for the sale and acquisition of properties. Additionally, the Act guarantees timely project delivery, offers a system for grievance resolution, and imposes sanctions for non-compliance
5.How powerful is RERA?
The Real Estate Regulation Authority protects the interest of homebuyers and investors and makes the real estate market more organized and transparent. Almost 70 percent of the total real estate projects in the country are covered under RERA jurisdiction.