The Real Estate (Regulation and Development) Act, 2016 has been in force since May 2017. This law was implemented to guide and supervise the real estate sector. The Maharashtra Real Estate Regulatory Authority (MahaRERA) is the body that governs the real estate sector in Maharashtra.

Registration under MahaRERA is compulsory for each and every residential and commercial project having plot area exceeding 500 sq.mtrs. and more than 8 units. Real estate builders are not permitted to advertise, book or sell any real estate without registration.

Mandate of MahaRERA:

• Have real estate projects and agents registered.
• Usher in transparency in the sale of flats, plots and buildings.
• Protect customers, allottees, real estate agents and promoters who are involved in real estate transactions.
• Facilitate dispute resolution through a dispute settlement method.
• Create an appellate tribunal which buyers can approach to resolve disputes.
• Provide recommendations to the appropriate government authorities in matters related to development and promotion of real estate.

Advantages of MahaRERA:

• MahaRERA governs the real estate sector in Maharashtra & regularises the same.
• It offers a number of benefits to consumers, builders and real estate agents.
• It ensures that Real estate developers do not advertise, book or sell any real estate without registration under MahaRERA.
• MahaRERA promotes High level of transparency to all customers by providing all the information pertaining to the project he has purchased his property in, along with its progress.
• It has increased accountability and Adherence to Law and Order for developers thereby reinforcing increased trust of customers in the Real Estate sector.
• MahaRERA promotes fair business practices and overall growth of the Real estate sector.

To summarise it all, MahaRERA has come as a blessing to real estate customers in Maharashtra, who can now buy their dream homes with added advantages and renewed confidence.

Click here to log onto MahaRERA website.