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RERA – Real Estate (Regulation & Development) Act

General Information

Objectives of RERA (Real Estate Regulation & Development Act):

  • Ensure accountability towards allottees (property end-users) and protect their interest.
  • Infuse transparency, ensure fair play and reduce frauds and delays.
  • Introduce professionalism and pan India standardization among realty players.
  • Establish symmetry of information between the promoter (builder/developer) & allottee.
  • Imposing certain responsibilities on both the promoter & allottee.
  • Establish regulatory oversight mechanism to enforce contracts (e.g. agreement / deals).
  • Establish fast track dispute resolution mechanism.
  • Promote good governance in the sector, which in turn would create investor confidence.

General information about RERA:

  • All districts of Maharashtra are included in the Planning Area.
  • The Act covers all bodies (private and public) which develop real estate projects for sale to the general public hence both Development Authorities and the Housing Boards, when involved in sale are covered under the Act.
  • It is affecting to all allottees who acquire any ‘apartment / plot’ through transfer or sale, but does not include a person to whom such plot, apartment is given on rent. The Act doesn’t include rental projects, lease / leave and License deals.
  • Complainant / an aggrieved person can approach only one of the two; the Regulatory Authority / adjudicating officer OR the consumer forums for the same disputes .
  • There is some fee (detailed in the MahaRERA Order available on the MahaRERA website), in addition to the fees prescribed in the Rules, to be charged from promoters, real estate agents and complainants for the MahaRERA website uploading and online services. The governing authority in the state of Maharashtra is known as ‘MahaRERA’ – Maharashtra Real Estate Regulatory Authority, who is empowered to regulate the fundamental issues pertaining to property dealings between the Promoter and the Allottee (the Buyer/end-user).