Government of Maharashtra, on 8th March 2017 established Maharashtra Real Estate Regulatory Authority (MahaRERA) for the promotion and regulation of real estate sector in Maharashtra. With its headquarters in Mumbai, MahaRERA comes under Real Estate (Regulation and Development) Act 2016 which came into effect from May 1, 2017. Maharashtra took the initiative to implement RERA as soon as it got notified, being one of the first states to implement it.
Key Objectives of MahaRERA
- To protect the customers’ interest in the real estate sector
- To establish settling method for quick dispute settlement
- Sale of building, plot, apartment in the real estate sector to be transparent and efficient
- To form Appellate Tribunal to hear appeals from the directions, decisions or orders of RERA
Key Components of RERA
- Transparency
- Real Estate Regulatory Authority and Appellate Tribunal
- Real Estate Projects Registration
- Real Estate Agents Registration
- Financial Discipline
- Citizen Centricity
- Filing of complaints
