The article explains what is MahaRERA. It also talks about the primary purpose of MahaRera and the role of MahaRera as a facilitator.
Maharashtra Real Estate Regulatory Authority (MahaRERA) helps the growing population and urbanisation in the inflated real estate demand in India.
Millions of people are looking for residential spaces in urban and semi-urban areas. According to authentic sources, about 40 million square feet were let outin 2021. Real estate experts and reputed builders say that real estate space in India was murky a few years back. RERA serves as a barrier between customers and greedy builders, and it also gives consumers access to a forum called RERA complaint.
House Hunting in India: Quick Facts!
House-hunting has never been an easy task. For many, what could have been a dream come into an actual situation becomes a nightmare. This was due to unnecessary delays in the execution of some building projects, nasty litigations, complicated compliance procedures, and fraud prevalence. Fraudulent activities have dominated the real estate purchases in the past, and there have been enough instances of duping the customers.
Many of the customers had lost faith in the builders, and in consequence to which, purchases in the market had gone down somewhat. Lack of credibility for the builders had created severe issues in litigation.
The Real Estate (Regulation and Development) Act, 2016, which came into effect in May 2017, was formed to rescue the real estate sector from such illegal activities and facilitate with the legal aspects The implementation of the Real Estate Act was to bring transparency by disseminating the correct information to all the stakeholders. Following the footstep of regulatory authorities in Maharashtra, in the year 2017, Maharashtra Real Estate Regulatory Authority (MahaRERA) was established. It is considered the authorised governing body to promote the development of a real state in the state of Maharashtra. MahaRERA ensures accountability and protects the interests of the promoters and allottees by promoting information symmetry.
MahaRERA has made it mandatory for all commercial and residential projects to register property addresses on its official website.
The Objectives of MahaRERA could be listed as follows :
- To ensure transparency in the whole system by bringing together all the stakeholders on the same platform and sharing genuine information regarding the sales of plots, buildings, or flats for commercial or residential purposes
- To guide the stakeholders to find the concerned government authorities to get the necessary permission and meet the compliance
- To look after the interests of the real estate agents, promoters, allottees, and the customers
- To assist during dispute resolution by following the proper dispute settlement method
- To fast-track the process of dispute settlement
- To guarantee the credibility of the brokers and other property dealers
- To enable the buyers to understand the status of construction of the residential or commercial project
- MahaRERA could also be notified about the expected date of the final possession
- The authority needs to help the buyers plan for applying for home loans while tallying the completion date of projects and other details.
Areas Under the Supervision of MahaRERA
MahaRERA is authorised to look after the real estate development within the state of Maharashtra and also nearby union territories. This include-
- Daman,
- Diu,
- Dadra, and
- Nagar Haveli.
Role of MahaRERA
- MahaRERA has made it mandatory for all commercial and residential projects to register their properties
- MahaRERA ensures that all of these properties are registered following the proper process of document submissions within its jurisdiction
- Compliances and project address verification also remain a guideline for the MahaRERA
- Based on this information, it guarantees the dissemination of real-time and authentic information regarding the concerned real estate to all the prospective buyers or allottees and also the property dealers
- Symmetric information dissemination by MahaRERA eliminates the possibility of information mismatch or other coverups. It charges the sellers or property dealers heavy penalties for failing to deliver within time or what they originally promised
- In such a case of failure, the buyers or the allottees are either refunded the amount they have already paid or, if they don’t want the actual refund, they are adequately compensated by paying the stipulated rate of interest time delay
- MahaRERA also monitors that the builders are not misappropriating the investors’ funds or those who had booked the property in advance. It restricts the possibility of redirecting the funds by the builders to other projects
- MahaRERA compels the stakeholders to adhere to the rules and regulations set by the Real Estate Act, 2016- following which the developers are only allowed to ask for only 10% of the property price as the down payment
- Property developers are liable to deposit 70% of the total funds related to the concerned project. These funds are to be used to buy the plot on which the construction is going to take place and carry on the construction work
- MahaRERA has made it mandatory for all the developers to report the status of their projects and record the progress on a time-to-time basis
- Failing to adhere to such rules and regulations and in case of non-compliance, the concerned party will be liable to face a financial penalty and/or penal action of imprisonment – which can be up to 3 years.
How to Find Details Related to a Particular Project?
- The users need to register themselves by following a few easy steps on the official web page of MahaRERA;
After registering, they need to click on the ‘Registered Projects’
- To search for a particular project, the user needs to provide the details of the projects in the ‘Search Project Details’ section;
- The webpage will provide the details of the search results. In the case of multiple matches of similar projects, the users will see multiple entries;
- The user will have to use the view option beside the individual entries -to get additional information regarding the property. The details like the type of the project, location of the project, the status of the project and also expected date of completion and handover of the projects etc.
- MahaRERA portal will also furnish the details regarding the litigation status (if applicable) of the concerned project;
- If the property under consideration is facing any legal difficulties, the home buyers or allottees may check the status by visiting the official webpage of MahaRERA.
- For that, they need to follow the following steps:
- Step 1, click on the following link
- Step 2, click on the Appellate Tribunal tab.
- Step 3, type the property details to search for the litigation details.
Conclusion:
Following the regulations is well defined and furnished with easy-to-follow instructions. Therefore, the entire process has brought a great deal of transparency and accountability into the system. Not only that, but it has also facilitated the grievance redressal process much faster.
As a result, the regulation mechanism boosted the confidence of the homebuyers and property dealers and reputed builders.
As a result of incorporating such practices, investors are much more willing to invest in the property market, which is bound to make the real estate market more buoyant. MahaRERA plays a pivotal role in bringing together all the stakeholders on the same platform and working hand-in-hand with the stakeholders’.
FAQ
How do I navigate the MahaRERA website to access project details?
To access project details on the MahaRERA website, visit the official website at https://maharera.mahaonline.gov.in/ and click on the 'Registered Projects' option under the Registration menu.
You can then use various filters such as location, project name, promoter name, or registration number to narrow down your search.
Can I search for project details on MahaRERA without an account?
Yes, you can search for project details on MahaRERA without an account.
What information can I find about a project on the MahaRERA website?
You can find information about a project's location, project type, ongoing status, proposed completion date, land title, construction schedule and financial details on the MahaRERA website.
Is the MahaRERA portal user-friendly for individuals unfamiliar with online platforms?
The MahaRERA portal is user-friendly and easy to navigate, even for individuals unfamiliar with online platforms.
Are there any specific guidelines to effectively search for project details on MahaRERA?
To effectively search for project details on MahaRERA, use various filters such as location, project name, promoter name, or registration number to narrow down your search.
How frequently is the project information updated on the MahaRERA website?
Project information is regularly updated on the MahaRERA website.
What do I do if I can't find a specific project listed on MahaRERA?
If you can't find a specific project listed on MahaRERA, you can contact the MahaRERA customer support service for assistance.
Are there any regional nuances when searching for project details on MahaRERA for different cities in Maharashtra?
No, there are no regional nuances when searching for project details on MahaRERA for different cities in Maharashtra.
Can I search for multiple projects simultaneously on the MahaRERA portal?
Yes, you can search for multiple projects simultaneously on the MahaRERA portal.
Is there a customer support service available to assist with project detail searches on MahaRERA?
Yes, there is a customer support service available to assist with project detail searches on MahaRERA.
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