The Government of India enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act came into force with effect from 1st May, 2017. The key objective of the Act was to bring greater transparency, accountability, financial discipline, speedy dispute redressal and homebuyer/ allotees centricity.
The Government of Maharashtra has established the Maharashtra Real Estate Regulatory Authority (MahaRERA), vide Notification No. 23 dated 8th March 2017, for regulation and promotion of real estate sector in the State.
Vision : To facilitate and promote a healthy, efficient and planned growth of real estate in Maharastra by building trust among all stakeholders, raising profrssionalism and safeguarding consumer interest
Mission : MahaRERA seeks to establish symmetry of information among stakeholders through transparency in real estate transactions and their disclosures, fiscal disciplines, accountability and a fast track dispute resolution through conciliation and quasi-judicial mechanism.
Subsequently, MahaRERA was also made the regulatory authority for Daman & Diu and Dadra Nagar Haveli.
MahaRERA aims at transforming the Real Estate Sector into a transparent and professional sector, wherein every stakeholders’ interests are protected and thus trust and confidence is established. MahaRERA strives to efficiently implement the Act in its letter and spirit, ensure compliance, promote transparency, accountability, financial discipline, homebuyers/ allottees centricity.
Subsequently, MahaRERA was also made the regulatory authority for Daman & Diu and Dadra Nagar Haveli.
The key components of Real Estate (Regulation and Development) Act, 2016 are as follows:
Real Estate Regulatory Authority and Appellate Tribunal
Under this Act, appropriate Government has to establish Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the State/ Union Territories (UTs’). The Authority shall strive to facilitate the growth and promotion of a healthy, transparent, efficient, and competitive real estate sector while protecting the interest of homebuyers/ allottees, promoters and real estate agents. The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects. The key responsibilities of the Authority shall be as follows:
The key responsibilities of the Authority shall be as follows
Ensuring Disclosures of Real Estate Projects by Promoters
To provide recommendations to appropriate Government on matters relating to the development & promotion of real estate sector
The appropriate Government has to establish an Appellate Tribunal to conduct hearing of the appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. Any person aggrieved by any direction, decision or order made by the Authority or by an Adjudicating Officer (AO) may file an appeal before the Appellate Tribunal and the appeal shall be dealt with by it as expeditiously as possible and an effort shall be made to dispose off the appeal within a period of sixty days.
Real Estate Project Registration
No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area within Maharashtra, without registering the real estate project with the Real Estate Regulatory Authority. All commercial and residential real estate projects will have to register except in projects where;
- Area of land proposed to be developed does not exceed five hundred square meters
- Number of apartments proposed to be developed does not exceed eight inclusive of all phases
- Promoter has received completion certificate for a real estate project prior to commencement of the Act
- Where the real estate project is related to renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.
Real Estate Agent Registration
All Real Estate Agents should register themselves under this Act. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person or facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, without obtaining registration.
Filing of Complaints
Any aggrieved person may file a complaint with the Authority or the adjudicating officer, as the case may be, with respect to any registered real estate project, for any violation or contravention of the provisions of the Act or the rules and regulations made there under.
Any person aggrieved by any direction or decision, or order made by Authority or by an adjudicating officer may file an appeal before the Appellate Tribunal
Any person aggrieved by any decision or order of the Appellate Tribunal, may file an appeal to the High Court.