Mumbai : The common man interested in purchasing a flat from a developer will now get relief as the Maharashtra Real Estate (Regulation and Development) Act (RERA) has come into effect from April 19.
The Act has stringent provisions which will enable the investor to take action against the developer and agent if he is cheated by them.
Former Indian Administrative Service officer Gautam Chatterjee is the first regulator of the RERA body appointed by the state government.
Maharashtra chief minister Devendra Fadnavis approved the RERA Act in March this year and the gazette was published on April 19. It came into force that day.
The state housing department prepared the rules and guidelines. The Maharashtra government published the draft rules in December and had sought suggestions and objections from various stakeholders.
According to RERA act, everything will be transparent and in black and white now. “Whatever apartments developers are selling that they have to upload on the website so that the buyers will be briefed about the sale and vacant apartments. If the 60% apartments of any buildings or the project are sold, it is the mandatory for the developers to register the society. And the make the conveyance deed within six months from the date of registration. If the developers fail to do that then severe action will be taken the developers,” said official from Housing department.