Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act shall come into force with effect from May 1, 2017. The key objectives of the Act are:
- Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project.
- Protecting the interest of consumers in real estate sector
- Establishing adjudicating mechanism for speedy dispute redressal
- Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority
Under this Act, Government of Maharashtra established Maharashtra Real Estate Regulatory Authority (MahaRERA), vide Notification No. 23 dated 8 March 2017, for regulation and promotion of real estate sector in the State of Maharashtra, with its headquarters at Mumbai.
Consequently, Government of Maharashtra also promulgated the following rules:
- Maharashtra Real Estate (Regulation and Development)(Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017
- Maharashtra Real Estate Regulatory Authority, Officers and Employees (Appointment and Service Conditions) Rules, 2017
- Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine payable, Forms of Complaints and Appeal, etc.) Rules, 2017
- Maharashtra Real Estate Appellate Tribunal, Officers and Employees (Appointment and Service Conditions) Rules, 2017
- Maharashtra Real Estate Regulatory Authority (Form of Annual Statement of Accounts and Annual Report ) Rules, 2017
- MahaRERA has notified the following Regulations and Orders
- The Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017.
- The Maharashtra Real Estate Regulatory Authority (Recruitment and Conditions of Service of Employees) Regulation, 2017.
- Charges for accessing MahaRERA web-based Application for registration of project and real estate agents, extension of registration for projects and real estate agents including updating website, database management and maintenance under regulation 48 of the MahaRERA General Regulations, 2017
Maha RERA is headquartered at Mumbai.