Maharashtra RERA (MahaRERA) – All You Need Know About MahaRERA Before Buying a House!

The Maharashtra Real Estate Regulatory Authority (referred to as RERA Maharashtra or MahaRERA) is a governing and regulatory authority overseeing real estate buying and selling in the state of Maharashtra. In other words, MahaRERA makes sure that real estate transactions are transparent and fair for buyers as well as real estate developers.

When did RERA Maharashtra (MahaRERA) come about?

The real estate industry has been booming in every corner of the country. The Real Estate (Regulation and Development) Act, 2016, was brought into force to provide a level playing field for real estate developers across the nation. It also has several features that provide a sense of fairness and security to buyers of both residential and commercial properties.

Most Indian states have their own RERA board to oversee the development of their real estate sector. MahaRERA is one such board that operates in the state of Maharashtra. RERA Maharashtra came about to take steps in promoting and regulating the development of realty in the state. Maharashtra is among the first Indian states to implement RERA, and its main objective is to bring about transparency in the buying and selling of plots and buildings, both residential and commercial.

It is mandatory for every residential and commercial project to be registered under MahaRERA.

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Vision and functions of RERA Maharashtra (MahaRERA)

Maha RERA has defined its vision very clearly on their website and in their charter.

RERA Maharashtra aims to:

• Bring transparency in the sale of apartments, buildings, and plots in the state,
• Protect the interest of real estate buyers and promote fair transactions,
• Initiate faster settlement of disputes relating to real estate properties, and
• Offer recommendations to the concerned government authorities in matters relevant to the promotion and development of real estate.

Additionally, MahaRERA also fulfils these functions:

• Supervise if real estate developers or promoters are following the correct regulations
• Ensuring that promoters register their projects under the Act
• Publishing and maintaining the records of all real estate projects in a city
• Enhancing the growth of the real estate sector
• Fostering a healthy, transparent, and efficient real estate sector in Maharashtra.

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Rules and regulations of RERA Maharashtra

The Maharashtra RERA has some strict rules and regulations to prevent malpractices in the real estate business. Prospective property buyers must run a RERA registration check before deciding on their investment. The most important rules and regulations of MahaRERA are

• It is mandatory for every commercial and residential project to be registered with MahaRERA
• The real estate property developers should submit quarterly reports on their ongoing projects on the MahaRERA website

Services provided by RERA Maharashtra

In Maharashtra, Maha RERA registration is mandatory for every residential and commercial project. This regulatory body does not allow real estate builders to advertise, book or sell any real estate project without approval. There are some other services that Maha RERA offers:

• Apart from being a regulatory body for real estate transactions in the state, it forwards the interest of real estate promoters
• Forms a single-window system for RERA approval checks and clearances