In the real estate sector, Maharashtra’s RERA (Real Estate Regulatory Authority) consistently leads the way in safeguarding buyer interests. It has already issued numerous orders and continuously works to ensure transparency in real estate transactions and accountability among builders. Given this, other states’ RERAs also need to adopt several key practices. Let’s take a look at what these are:
The primary purpose of the RERA Act, 2016, is to regulate real estate purchases, ensure timely project completion, and hand over properties to buyers. In this context, Maharashtra RERA has already issued several directives. It has provided numerous orders to builders concerning delivery dates, bank account management, parking spaces, and grievance redressal. It has suspended the registration of 1,750 projects that were stalled or delayed. Guidelines have been issued for senior citizen housing projects. Nearly 20,000 agents’ registrations have been suspended for a year. Additionally, guidelines have been provided for third-party supervision to check construction quality.
For any individual, the largest investment in their life is typically in real estate. However, delays in projects and unmet promises by developers often result in significant losses for buyers. To address these issues, Maharashtra RERA has taken several actions. Specifically, it has identified that even after a year of handing over a property, builders were not adhering to the promised amenities. Therefore, Maharashtra RERA has mandated that all details about amenities, including timelines for their completion, must be clearly stated in the Sale of Agreement. Additionally, a grading system has been introduced, covering legal, technical, and financial aspects of projects. This allows buyers to review all details and make informed decisions about investing in a project.
CREDAI India has supported Maharashtra RERA’s measures. It has stated that these actions will enhance trust and confidence among buyers. According to CREDAI India, the RERA orders not only strengthen project integrity but also make investments more attractive. Furthermore, it commented that developers will adhere to higher quality standards that buyers appreciate.
Since the Maharashtra RERA Act was introduced in May 2017, nearly 46,000 projects have been registered, the highest number among all RERA jurisdictions in the country. Uttar Pradesh has received the most complaints from buyers. In resolving these complaints, Uttar Pradesh RERA is ahead of Maharashtra RERA. However, Maharashtra RERA leads in introducing new laws and regulations. Last year, it mandated that QR codes with comprehensive details about the project must be printed on all marketing and commercial advertisements. Uttar Pradesh RERA has adopted this practice starting this year.
In reality, RERA has brought significant changes to the real estate sector. It has made project registration mandatory and introduced transparency in delivery timelines and transactions. However, much work remains to be done. Recently, RERA has issued several buyer-friendly directives regarding interest penalties, refunds, and compensation. But builders are not always adhering to these directives, leading buyers to seek recourse through tribunals and consumer forums.
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