What is Rera and MAHARera in particular?
Article provides an overview of RERA enactment by Indian parliament and in particular about MAHARera and its benefits.
Real Estate Regulatory Authority referred as RERA was established under the Real Estate (Regulation and Development) Act, 2016, an act passed by the Indian parliament. While the Rajya Sabha passed the RERA bill on March 10, 2016, an approval from the Lok Sabha came on March 15, 2016. The act then came into force from May 1, 2016. While 59 of its 92 sections were notified on May 1, 2016, the remaining provisions came into force from May 1, 2017. Under the Act, state governments are required to notify their own rules under the Act, on the basis of the model rules framed under the central Act.
The Act is aimed to regularise and boost investment in real estate industry in India and at the same time protecting the interest of the home buyers, speedy dispute redressal. Under the Act, Real Estate Regulatory Authority (RERA) is to be established by each state for regulation of the real estate sector and acts as an adjudicating body for speedy dispute redressal.
Majority of the state has implemented Rera as mandated by government, but challenge lies in the fact that Rera related information is not available at one place due to which users’ needs to put in lot of effort to get hold of required Rera related information.
Under Real Estate (Regulation and Development) Act, 2016 every Indian state must have its own RERA. In line of this requirement, Maharashtra Real Estate Regulatory Authority (MahaRERA) was adopted and it is the body that governs the real estate sector in Maharashtra. It provides various benefits to stakeholders, for example:
Maharashtra is the only state that has implemented RERA in full.