Mumbai, 5th July 2018: Administrated by the Chairperson Shri Gautam Chatterji, MahaRERA is the authority of Maharashtra state taking the charge for Real Estate Regulation and Development Act (RERA) implementation. On 20th April 2017, the notification for the RERA act was released with the help of Maharashtra State Authority. On 1st May 2017, after the declaration of the RERA Act, Maharashtra was the first amongst the other Indian states to adopt its rules and put into effect. Maharashtra has been also considered as the leading state in RERA effectuation.
A startling 13,000 applications for the ongoing real estate projects were received by the MahaRERA authority just after implementing the MahaRERA act. The applications received by the MahaRERA authority alone occupy more than 66% of the total applications received in India. And interestingly, 8000 projects out of these 13000 applications have received the RERA Certificate within the first three months of RERA act implementation.
As per the RERA complaints analysis report, with only 55 complaints filed in the first three months of implementation, MahaRERA has the least number of complaints as compared to the other states of India. Till date, they have ascertained more than 910 grievances. Here is a point to be noted that apart from administering the RERA act for Maharashtra state, Maharashtra’s Real Estate Regulatory Authority is also responsible for the implementation and execution of the RERA registrations in Daman and Diu, and Dadar and Nagar Haveli territories.
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Utmost responsiveness has been shown by the MahaRERA authority while proceeding with the RERA act. They were strict with the three months deadline and disallowed any extension to it. Moreover, a fine of Rs. 50K – Rs. 10L has been declared to be implied on the projects registered post the deadline. They have also prohibited any advertisement of the real estate property until their RERA registration. In this strict environment, MahaRERA added some vibes of relief for the real estate builders and developers when they announced that corrections can be made after registering or obtaining the RERA Certificate.
MahaRERA was one among the few state authorities in setting up an online portal for RERA registration for the ongoing real estate projects. And as per the latest real estate news, they are all set to make the life of the potential home buyers considerably easier.
Yes, they are again creating a buzz in real estate news India by adding an exciting feature to its online portal which enables the buyers to access all of the information regarding any real estate project registered under MahaRERA with just a click. Over 4,000 projects have been mapped out already using Geographical Information System on Friday, 29th June 2018. Rest is yet to be mapped by the realty regulator. Project information along with location coordinates, registration numbers, and certificates are accessible by clicking on the project name listed on the official website. MahaRERA is the first out of the other states to introduce this feature that is said to save the home buyers from roaming around the builders’ office to collect the information regarding a project.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.