Maharashtra notified Real Estate (Regulation & development) Act , RERA rules on 1st May 2017.
The Maharashtra RERA will develop the real estate sector of the state and infuse transparency in the real estate transactions. Initially, the government presented the draft rules before organization representing buyers to seek advice and objections. Accepting the suggestions by the home buyers , the state housing department amended the draft rules and notified it.
Maharashtra is the only state that has developed a dedicated website for the RERA and set up a dedicated RERA office in Bandra.
As per the rules, the Maharashtra RERA will work on a pre-fixed organisation structure which will consist of a Chairperson, members of RERA, a Secretary, Finance wing, Legal wing, Technical & administration wing and IT wing. According to the rules, the Chairperson will be the head and will be in direct contact with RERA members and the Secretary. The Secretary will head Finance wing, legal wing, Technical & administration wing and IT wing and will report to the Chairperson.
Counting for the world-class facilities to its citizen by providing home for all, developing smart cities and bringing advancement in infrastructure development, the Indian government came up with the Real Estate Act to regulate the said sector.
The Central government implemented the RERA rules on 1st May 2016 and asked all the states to notify the same by 1st May 2017. Till now 13 states and 6 Union Territories have notified the RERA rules and others are in the process of notifying the rules.