Maharashtra has become one of the first states where most of the ongoing projects have registered with Maharashtra Real Estate Regulatory Authority (Maha RERA).
According to the sources, Maha RERA has received 13,400 applications for project registration and out of those 13,400 projects has got the registration certificate from the regulatory authority & their details are published on the website of Maharashtra RERA.
Talking about the superseding of sale agreement by the developers of ongoing projects, an official from Maha RERA stated that the regulatory authority is working to fix this confusion and soon we will come out with a middle path that will protect consumers’ interest. Although, the Act clearly states that if the developers fail to complete the project within the given deadline as mentioned on the Sales agreement, the same will be considered as a defaulter and will be penalized as per the RERA rules.
The developers have to update the project progress information in every 90 days, thus the buyers will be aware of the project’s development. RERA is a reform that will change the perspective of one doing business in the realty sector. It is all about bringing discipline in the real estate sector of the country. We are facing many challenges and will face a lot more in the future, but we are here to pounder a rule to develop our country, the official added.
Maharashtra is the first state to implement a full-fledged RERA along with setting up a regulatory authority and an online portal for the registration of projects and agents. It also allows aggrieved buyers to file complaints against realtors online, by visiting the Maha RERA website.
Currently, Mr. Gautam Chatterjee is the Chairman of Maha RERA, Dr.Vijay Satbir Singh & Mr. Bhalchandra D. Kapadnis are the members of RERA Maharashtra and Mr. Vasant Prabhu is working as the Secretary of Maha RERA.