What is the current state of implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) in Maharashtra?
The Real Estate (Regulation and Development) Act, 2016 (RERA) has fully come into force as of May 1, 2017, making it an essential part of the real estate regulatory framework in Maharashtra. As of this date, all projects in Maharashtra that were ongoing on May 1, 2017, and have not received a Completion Certificate are covered under RERA. This act brings greater transparency and accountability in the real estate sector, which has been a long-standing need in India.
What rules are in place under RERA?
Upon the implementation of RERA, the Government of Maharashtra notified the Rules under RERA in April 2017. These rules govern the provisions mentioned in the Act and ensure the smooth functioning of the authority. The rules cover various aspects such as registration, compliance, dispute resolution, and more. The Maharashtra Real Estate Regulatory Authority (MRESRA) is the authority responsible for implementing and enforcing these rules.
How does RERA affect real estate projects?
According to Section 3 of RERA, projects that were ongoing on May 1, 2017, and have not received Completion Certificates prior to this date fall under the purview of RERA. This means that buyers of these projects, even if they entered into an agreement with the builder/promoter before RERA came into force, have the right to recourse under RERA. Similarly, if a buyer wishes to enter into an agreement for the sale of a property after May 1, 2017, they are subject to the provisions of RERA.
Key Players and Websites
Maharashtra has made its website operational since May 1, 2017. This website, known as the Maharashtra Real Estate Regulatory Authority (MRESRA), provides a platform for registering projects, understanding the rules, and accessing other relevant information. The interim regulator for the MRESRA is Mr. Gautam Chatterjee, whose office is located in the SRA Building at Bandra East, Mumbai.
Important Documentation and Compliance
Maharashtra Real Estate Regulatory Authority (MRESRA) has notified 5 Rules that are crucial for the proper implementation of RERA. These rules also include 2 Regulations. Projects that have not obtained an Occupancy Certificate as of May 1, 2017, must ensure RERA compliance.
What are the implications for developers and buyers?
Developers must now ensure that all their ongoing projects in Maharashtra comply with the provisions of RERA. This includes obtaining the necessary certifications, disclosing required information, and ensuring transparency in transactions. For buyers, this means that they have more protection and can seek recourse if any issues arise during the transaction process.
Important Disclaimer
It’s important to note that this information is for general guidance and is not a substitute for professional legal advice. This answer does not create an attorney-client relationship, and relying on this information may have legal consequences. If you believe you have a claim against someone, consult an attorney immediately to preserve your legal rights.
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