On Wednesday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) will complete its two years and till now it has disposed of 4,324 of the 6,716 cases it received since 2017.
According to Hindustan Times, 20,719 projects have been registered with MahaRERA till date, of which 4,050 have been completed. At least 19,726 agents are registered with MahaRERA. The disposal of 1,040 of the 4,324 cases was challenged in the Maharashtra Real Estate Appellate Tribunal. The tribunal disposed of 230 applications, hearing is on in 583 cases, while the documents are yet to be received in 227 cases.
Vasant Prabhu, secretary, MahaRera told the leading daily, “At 64%, we have one of the best disposal rates in the country. Buyers are no longer at the mercy of the builders.” Gulam Zia, executive director, valuation and advisory, retail & hospitality, Knight Frank India told the Hindustan Times, “In the pre-RERA era, customer grievances were addressed in courts, which took a lot of time and effort. RERA has definitely eased the process. Usually, people use all their life savings to buy a house. Such purchase needs greater scrutiny and protection. MahaRERA has given people the assurance that builders will use their funds properly for the project.”
The State has established MahaRERA (Maharashtra Real estate Regulatory Authority) on March 2017 for regulation and promotion of the real estate sector. Since the entire State is covered under MahaRERA, it is mandatory for all ongoing commercial and residential projects to be registered with the real estate regulator. The developers or promoters in the State are not allowed to sell, book or advertise their projects unless they are registered and compliant with MahaRERA. Maharashtra has appointed a regulatory authority which will deal with disclosures by developers, registration of projects as well as agents and take up consumer complaints. Any aggrieved individual can file a complaint with MahaRERA or the adjudicating officer with respect to any registered or non-registered real estate projects for any violations of regulations.