What is MahaRERA? 5 important rules every homebuyer and developer should know in Maharashtra

There’s no denying that the real estate sector in India faces myriad critical challenges due to reasons such as delayed projects, lack of transparency, and sometimes major disputes between end-users and developers. In order to address such issues, the Indian government introduced regulatory bodies under the Real Estate (Regulation and Development) Act, 2016. This authority is known as Maharashtra Real Estate Regulatory Authority or MahaRERA in Maharashtra. Its main objective is to protect homebuyers rights.

Here are five important things one should know about MahaRERA:

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MahaRERA was introduced by the government of Maharashtra in 2017. It is a regulatory body aimed at implementing the Real Estate (Regulation and Development) Act (RERA), 2016 in the state with an objective to bring transparency and efficiency to the real estate sector.
The authority looks after residential and commercial real estate projects in Maharashtra and offers a legal platform where homebuyers and developers can resolve disputes.
MahaRERA’s main aim is to create a trustworthy property market.
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MahaRERA’s one of the most important rules is mandatory registration of the real estate projects. It says that developers must register projects (both residential and commercial) before they start advertising or selling, or marketing.

Developers must submit:

Layout plans
Timelines for project completion
All approvals
Legal documents
Complete details of the finances

Once registration is done, these details are published on the MahaRERA official website where buyers can themselves check everything about the project before investing their hard-earned money. They can get all updates on the project.

Another prime objective of MahaRERA is offering transparency for homebuyers. It is extremely important for developers to share each and every information accurately. Information such as carpet area, facilities provided and project timeline, among others should be shared correctly so that interested buyers can access information before making any decisions.

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MahaRERA also aims at protecting buyers from project delays and other harmful practices. Developers must follow timelines mentioned in the agreement else they’ll have to compensate or refund. This rule has significantly improved accountability in the real estate sector.

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MahaRERA’s other mention-worthy feature is its dispute resolving system. Homebuyers can file complaints online in case of any fraud or if developers or real estate agents don't comply with the rules. The MahaRERA authority conducts hearings and issues orders to solve the matter quickly.

The complaints could be about:

Delayed possession
Non-refund of booking amounts

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MahaRERA has the power to impose strict penalties on those who do not follow the rule. It includes heavy fines, penalties or project restrictions. If a matter is too serious, even jail.

Therefore, for those planning to buy property in Maharashtra, it is important to register under MahaRERA.
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