The Maharashtra housing department released the final rules for the Maharashtra Real Estate (Regulation and Development) Act, 2016 alias RERA Maharashtra on Friday.
As per the sources, the rules are consumer-friendly, consists an anti-discriminatory clause and are strict for developers & agents. Mr. Prakash Mehta, the State Housing Minister stated that the drafting committee has followed Central Government’s guidelines while preparing the rules.
The new rules give state’s RERA authority the power to impose a fine of 5% to 10 % of the entire project cost if the developer fails to comply with the RERA rules. The rules also mandate builders to disclose their project details with the RERA authority, including the on-going projects and register all commercial and residential real estate projects built on 500 square meters or more of land or with eight apartments or more. It has also barred the developers from advertising or selling a project without registering it with the RERA.
The Real Estate (Regulation and Development) Act came into force on 1st May 2016 and the Central government has advised CMs of all states to escalate the process of drafting the rules and notify the same by May 1st 2017. Till now, seven states & six Union Territories have notified the RERA rules and fifteen states have drafted the rules for the same.
|States which have notified the RERA rules||States which have drafted the RERA rules|
|Andaman & Nicobar Islands||Karnataka|
|Dadra & Nagar Haveli||Punjab|
|Uttar Pradesh||Tamil Nadu|
I dont answer following things 1.Can RERA act 2016 apply to already progress projects or not ? 2.Can RERA act apply for land,plot projects ?
I agree with 100% with Mr.Kiran's view. Real estate act rules is diluted and is favouring builders more than a consumer., exactly like how developer prepare one sided agreement which supports only builders.
Still many home buyers are not happy with the rules.