The MahaRERA Act is focusing on implementing the Real Estate (Regulation and Development) Act, 2016 (RERA) in Maharashtra, India. This legal framework has been created by the government to protect the interests of home buyers while promoting transparency, accountability, and efficiency in the real estate sector.
The key features of the MahaRERA Act PDF are as follows:
Establishment of MahaRERA Authority:
A dedicated regulatory body, the Maharashtra Real Estate Regulatory Authority (MahaRERA), is entrusted with the task of overseeing and implementing the provisions of RERA in the state.
Registration of Real Estate Projects:
Developers must register their real estate projects with MahaRERA before they can advertise or sell of their properties or project. This registration ensures that all important project information is accessible to the public through MahaRERA portal.
Transparency and Information Disclosure:
Developers are required to disclose their key project details, including timelines, layout plans, legal title, and financial arrangements, on the MahaRERA website.
Protection for homebuyers:
The Act gives rights to the homebuyers to ensur they can get accurate information about projects, ensuring timely possession of properties and imposing penalties on developers for delays or misleading claims.
Grievance Redressal:
MahaRERA provides a mechanism to quickly resolve disputes between homebuyers and developers, allowing affected individuals to file complaints online through portal.
Penalties for non-compliance:
Developers, agents or other parties who violate the Act they face heavy penalties, which may include fines, imprisonment or both.
In short, the MahaRERA Act has significantly improved accountability and trust in Maharashtra’s real estate market by promoting fair practices and protecting the rights of all parties involved.
MahaRERA Act PDF in English Download
