In order to enhance the efficiency in the real estate sector of the state, the Maharashtra Real Estate Regulatory Authority , MahaRERA has added a clause in its RERA act which will allow the authority to take strict action against government officials who will be found guilty for not passing the approval files of builders.
Citing the corruption in the local government as one of the main causes of delay in the possession and increase in the price of real estate units, experts say this move by the government would be beneficial for both builders and buyers.
The chairman of RERA Maharashtra, Mr. Gautam Chatterjee said that the authority will not simply penalize the builders for delayed delivery of real estate projects but will also examine the case deeply. In case, the authority finds any government officials the reason behind the delay in possession, then he/she will be prosecuted under Right to Service Act.
The builders’ happily welcomed this move by the government as it will make the corrupt officials liable for the delay in possession.
According to real estate experts, this reform will benefit buyers as it will reduce project cost and will contribute in regular market supply.
The central government passed the Real Estate (Regulation & Development) Act, RERA on May 1st, 2016 and asked the government of all states to notify their own version by 1st, May 2017. Maharashtra is one of the states which has notified the Act on 1st May 2017 and has also developed website for MahaRERA.
1. Does IT Park developed in MIDC area and subsequently sub-leased to parties fall under RERA? 2. Person or Company constructing more than 500 sq M with its own money and intend to rent out, need to register under RERA? 3. Does part property in 1st phase of development where own funding is involved be without RERA registration & remaining part where investors funding is involved be registered in RERA?