After the central government passed the Real Estate (Regulation and Development) Act 2016, the Government of Maharashtra established MahaRERA (Maharashtra Real Estate Regulatory Authority) in 2017. Ever since the establishment of MahaRERA, Maharashtra’s real estatehas undergone significant changes. The Act was aimed at increasing transparency in the real estate sector, along with helping the industry grow. The MahaRERA has helped increase citizen centricity by providing the buyers with sufficient information about all the registered projects. Moreover, the shady activities by greedy developers have been slashed greatly by this authority. The developers are now bound to compensate the buyers for delays in project delivery and other problems.
Mumbai has for long been a major real estate market in India, with a number of leading companies launching their projects here. The commercial prospects and the civic amenities in this city have played a key role in helping the real estate in Mumbai grow. The city also witnesses a large number of projects launches and sales. The MahaRERA has played a key role in ensuring a smooth and safe process of registration and transactions. It also checks the builder from making changes to the project without the buyers’ consent and giving false statements. Recently, MahaRERA also took legal actions against a number of projects in Mumbai and Pune for delays and other inconveniences caused to the buyers.
Assistance for buyers: In a welcome move, lawyers registered with MahaRERA have taken up an initiative to provide legal assistance to the homebuyers. For quite a while, a number of Maha RERA registered projects have been stalled by the developers, causing great inconveniences to the buyers. This has resulted in a legal struggle between the buyers and the developers. However, not every buyer can afford to take the case to the court or are knowledgeable regarding the legal procedures. The Legal Air Cell, run by the Bar Association, is gathering 15-20 members to assist the buyers for their cause.
willing to file a case have to pay a fee of only INR 5000 to MahaRERA, which is far cheaper compared to usual legal processes. The members have revealed that most of the litigants have failed to properly represent their cases, with insufficient information regarding payment dates, the exact amounts paid, specific terms of the agreement, etc. In some cases, an investigation has revealed that the agreements had provisioned for grace periods. This has been causing the legal procedures to slow down or end abruptly in some cases. However, this initiative by MahaRERA is sure to help those who are not adept with legal procedures or cannot afford to pursue them.
Home buyers allowed to take up the project: A residential property named Samaj Darshan which was being developed in Kandivali has stalled for a long time. Started in 2014, the project was supposed to be completed by December 2019. However, the developer has constructed only up to the 7th floor while one of the affected buyers had bought a home on the tenth floor.
the investigation, it has come to light that the developer has not uploaded all the necessary documents on the MahaRERA website. The validity of this project has already lapsed, and the project is clearly incomplete. The MahaRERA has now passed an order allowing the affected homebuyers to take up the project and finish the remaining construction work. The buyers have welcomed the move and said that they would all contribute money for the project, and also post a notice for other homebuyers who might be interested. This order by MahaRERA will not only speed up the completion of the project but would also be a punitive policy against the developer. It is expected that this would serve as a warning to developers who launch projects and leave them midway.
Environmental concerns: Apart from the MahaRERA’s moves regarding the developers’ incompetence to deliver projects on time, projects violating environmental norms. Recently, Skyline Mansions Private Limited was issued a notice by the State Environment Department for not having the necessary environment clearance. Being developed on a hillock, the project has already led to the felling of over 150 trees. The department has asked why the project should not be stopped and action taken under the Environment Protection Act 1986. The developer of this project has been given an ultimatum of 15 days to reply, failing which the project will be stopped and legal action may be undertaken. It started with a Powai based activist writing to the department, listing 27 violations by the developer. He called for an investigation into the matter, saying that the hillock used to have a green cover which the project has destroyed without requisite permissions. However, the director of the project has denied all the allegations and claimed that the project has all the necessary permissions.
Evidently, the establishment of MahaRERA has greatly improved the scenario of the real estate. Buyers are finding more confidence in purchasing a property in Mumbai, which is a boost for the industry. MahaRERA is expected to continue maintaining transparency and help the homebuyers in the future too. The other authorities, such as the Environment Department mentioned above have also been doing a good job.
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