Maharashtra is the first state in India to start with the conciliation committee, to bring an end to the constant dispute that takes place between builders and property buyers. The committee will be formed under the new real estate act, Real Estate Regulatory Authority comprising of builders and consumer groups. Under this act, Maharashtra government has also formed MahaRERA – Maharashtra Real Estate Regulatory Authority that will aid in regulation and promotion of residential and commercial properties in the state.Objectives of MahaRERAThe primary objectives of this regulatory act is
- Ensure transparency and efficiency in property transactions
- Protect the interest of the property buyers
- Establish an Appellate Tribunal for quick dispute redressal regarding properties
- Provide information and suggestions to the government on the issues related to development and advertisement of real estate projects
- The committee will adjudicate to settle dispute speedily
Maharashtra RERA RulesEvery state will be having some unique set of rules under RERA. Though there are some common rules to be followed by every state property builders. The new Act and its rules are predominantly applicable to the new and upcoming projects. Any real estate project which hasn’t received completion certificate or occupation certificate before or on May 1st 2017 will be considered as an upcoming project.For the new and upcoming projects
- Only which are registered under the Real Estate Regulatory Authority can advertise, promote, book, sell, invite potential buyers or offer the project for sale
- Which possess land area 500 / more than 500 square meter or comprise 8 / more than 8 apartments has to get registered under RERA
- If it is developed in phases, then every phase of the project will be treated as a separate project and each have to register separately under the Act
- In case of new projects, the real estate builder / promoter need to mention the completion date and time period that will be required to complete the project
- Property promoters should provide all the property related information on the authority portal as well as on their project website ( if any)
- The details should be strictly updated on quarterly basis
- According to MahaRERA , the promoter of residential or commercial project is not allowed to collect advance payment or application fee above 10% of the cost of building, plot or apartment
- 70% of amount collected from the buyers / allotees, time-to-time in regard to real estate project should be deposited in a separate account created in schedule bank
- The amount deposited should be strictly used for the real estate purpose
- As per the regulatory act, all the details like sanction plans, layout plans with the specifications should be offered online to the potential buyers
In any of the cases, if the promoter of a real estate project violates or fails to register will be punishable and liable to pay a penalty of Rs. 10,000 for every day. If the default continues, the penalty amount will be extended to 5 % of the cost of a particular real estate project (plot, building or apartment).RERA is a powerful step towards the evolution of real estate. Transparency in real estate will definitely create a positive impact on the property investors.займ на карту без отказов круглосуточновзять кредит онлайн